USD/TRY Technical Analysis: Looks north, could test 61.8% Fib

• The bearish divergence of the hourly chart RSI failed to yield a notable correction, which is usually the case in a strong bullish market.  
• The 5-day and 10-day moving averages (MAs) are rising, meaning the path of least resistance is on the higher side.  
• USD/TRY looks set to test 6.55 (61.8 percent Fibonacci retracement of 7.0831/5.6889.  

Hourly Chart

Spot Rate: 6.4765

Daily High: 6.4768

Daily Low: 6.4111

Trend: Bullish

Resistance

R1: 6.55 (61.8% Fib)

R2: 6.7847 (78.6% Fib)

R3: 7.083 (recent high

Support

S1: 6.3398 (Aug. 17 high)

S2: 6.2616 (5-day MA)

S3: 6.16 (10-day MA)