- USD/TRY’s technical outlook appears constructive.
- Potential bull pennant, golden cross seen on the 1H chart.
- RSI flattens just below the overbought region, points to more gains.
USD/TRY holds the higher ground while trading just below the 8.0 level in Asia this Tuesday, as the bulls gear up for the next push higher.
Looking at the technicals, the hourly chart looks promising for the cross, as it on the verge of a bull pennant breakout as well as confirming a golden cross.
The 50-hourly moving averages (HMA) is seen cutting the 200-HMA from below, as of writing. A golden cross confirmation could add credence to the potential bull pennant breakout, opening doors for a test of 8.20 and beyond.
USD/TRY: Hourly chart
developing story ….
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