On the daily chart, the pair bounced off the upper MA of Bollinger Bands and falling towards the lower MA of the indicator that remains near a long-term trend line and EMA130. All moving averages for the price turned horizontally. The RSI found a resistance in the Bearish zone and is currently falling towards its longer MA. The Composite is breaking down its MA’s moving towards its most recent support.

USD/TRY: technical analysis


On the 4-hour chart, the pair is falling along the lower MA of Bollinger Bands. The price remains just below the EMA130 and EMA65, both turned horizontally. The RSI is declining towards its support level from mid-November. The Composite is about to test its most recent support. MA’s for both indicators suggest current weakness of the market.

USD/TRY: technical analysis

Key levels

Support levels: 2.8636 (50% Fibonacci retracement), 2.8136 (38.2% retracement), 2.8440 (end of November lows).

Resistance levels: 2.9139 (61.8% retracement), 2.9350 (local highs), 2.9429 (October highs).

Trading tips

Open short positions from the level of 2.8730 with the target at 2.8450 and stop-loss at 2.8869. Validity – 1-2 days.

Long positions can be opened above the level of 2.8958 with the target at 2.9115 and stop-loss at 2.8870. Validity – 1-2 days.

The material published on this page is produced by LiteForex and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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