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.

Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

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