USD/TRY Price Analysis: Bulls remain hopeful whilst above 21-DMA USDTRY Currencies Technical Analysis DollarIndex
The downside breakout in the spot offered a renewed buying opportunity in the lira. However, the beleaguered currency failed to hold onto the gains and slipped 3% in Thursday’s trading in the running, courtesy of the persistent concerns over soaring inflation in Turkey and unorthodox monetary policy. Looking at USD/TRY’s technical chart, the pair broke the four-day prison range to the downside, having failed several attempts to recapture the 14.00 level.
A sustained move below the latter will threaten the 13.00 level, below which the upward-sloping 50-DMA at 12.58 will lend support to USD/TRY. Buyers need to find a strong foothold above the 14.00 threshold, above which the December 21 high of 14.14 will be put to test.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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