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Turkish Lira Price: Bullish Signals Suggest USD/TRY May Move Higher

Turkish Lira Price: Bullish Signals Suggest USD/TRY May Move Higher

2019-08-28 14:20:00
Mahmoud Alkudsi, Analyst
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USD/TRY Price Outlook

Check our latest Q3 forecasts for free and learn what is likely to move the markets at this time of the year.

USD/TRY – Indecisive Buyers

Yesterday, USD/TRY rallied to 5.8588- its highest level in over two months. However, the price slipped back and closed with a Doji pattern, highlighting the buyer’s hesitation to keep leading the price higher.

This week, the Relative Strength Index (RSI) climbed to 68 then remained flat after reflecting buyers lack of momentum to keep pushing the price higher at this stage.

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USD/TRY DAILY PRICE CHART (May 28, 2018 – AUG 28, 2019) Zoomed Out

USDTRY price daily chart 28-08-19 Zoomed Out

USD/TRY DAILY PRICE CHART (May 25 – AUG 28, 2019) Zoomed In

USDTRY price daily chart 28-08-19 Zoomed in

Looking at the daily chart we notice on August 19 USD/TRY opened with upward breakaway gap, followed by a runaway gap on August 26 signalling a possible further move to the upside.

Today, the pair tests to return back to the same old trading zone 5.6550 – 5.8250. Thus, if USD/TRY closes below the high end of the zone, this could press the price to the low end. Further close below the low end may see the price trading even lower towards 5.4635. Although, the weekly support area and levels marked on the chart (zoomed in) would be worth monitoring.

In turn, a close above the high end could embolden buyers to rally the price towards 5.9617. Nonetheless, the weekly resistance levels underscored on the chart should be kept in focus. Further close above 5.9617 may cause more bullishness towards 6.1321 however, the weekly resistance levels mentioned on the chart need to be watched along the way.

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USD/TRY Four-HOUR PRICE CHART (July 26, – AUG 28, 2019)

USDTRY price four-hour chart 28-08-19

Looking at the four-hour chart, we notice since mid- August USD/TRY has been moving to the upside creating higher highs with higher lows.

USD/TRY may resume bullish price action if breaks above 5.8628, this could cause a rally towards 5.9617. However, the weekly resistance level underlined on the chart should be monitored.

On the other hand, a break below 5.7908 could send USD/TRY towards 5.7598 although, the daily support underlined on the chart needs to be considered. See the chart to know more about the lower support levels the pair would face in a further bearish scenario.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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