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USD/TRY Price Takes off Above Consolidation Zone- Turkish Lira Outlook

USD/TRY Price Takes off Above Consolidation Zone- Turkish Lira Outlook

2019-10-10 14:00:00
Mahmoud Alkudsi, Market Analyst
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USD/TRY Price Forecast

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USD/TRY – Bullish Outlook

On Monday, Turkish Lira price softened significantly and lost nearly 2.4% of its value against the US Dollar. Consequently, USD/TRY rallied yesterday to its highest level in over three and half months.

Alongside this, the Relative Strength Index (RSI) crossed above 50 then rose to 64 highlighting the start of uptrend move.

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USD/TRY DAILY PRICE CHART (Sep 28, 2018 – Oct 10, 2019) Zoomed Out

USDTRY price daily chart 10-10-19 Zoomed Out

USD/TRY DAILY PRICE CHART (April 25 – Oct 10, 2019) Zoomed In

USDTRY price daily chart 10-10-19 Zoomed in

Looking at the daily chart, we notice Yesterday USD/TRY rallied to a higher trading zone 5.8250 – 5.9617 looking for a test of the high end of it contingent on clearing the weekly area marked on the chart (zoomed in) .

Hence, a close above the high end could see USDTRY trading even higher towards 6.1321. However, the weekly resistance area and level underscored on the chart should be kept in focus.

That said, any failure in closing above the high end of the zone could reverse the price’s direction sending it towards the low end of the zone. Further close below the low end could press USDTRY towards 5.6550. In that scenario, the weekly support levels underlined on the chart would be worth monitoring.

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USD/TRY Four-HOUR PRICE CHART (Oct 4, – Oct 10, 2019)

USD/TRY Price Takes off Above Consolidation Zone- Turkish Lira Outlook

From the four-hour chart, we notice since Sep 30 USD/TRY started uptrend move creating higher highs with higher lows. On Oct 8 the price rebounded from 5.7833 then resumed bullish price action. Thus, a break below this level could send USDTRY towards 5.6550. Although, the daily support level underlined on the chart should be considered.

On the other hand, any break above 5,9828 may push USDTRY towards 6.1321. Nevertheless, the weekly resistance level underscored on the chart should be watched closely.

See the chart, to know more about the key trading levels price would encounter in a further bearish/ bullish 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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