USD/TRY Technical Analysis: 5.98 is the level to beat for the bears

• The USD/TRY charted another lower high as it retreated from the Sept. 18 high of 6.4654, adding credence to the bearish pennant breakdown witnessed on Sept. 12.
• What the bears need now is a break below the Sept. 13 low of 5.98. If confirmed, it would establish a lower price low and open the doors to a deeper drop to 5.68 (Aug. 16 low).
• On the higher side, acceptance above the trendline trending south from the Aug. 13 high and Aug. 30 high would put the bulls back into the driver’s seat.

Daily Chart

Spot Rate: 6.10

Daily High: 6.1157

Daily Low: 6.0763

Trend: Bearish

Resistance

R1: 6.2130 (10-day moving average)

R2: 6.4654 (Sept. 18 high)

R3: 6.5564 (Sept. 13 high)

Support

S1: 5.99 (Sept. 13 low)

S2: 5.9068 (50-day moving average)

S3: 5.6864 (Aug. 16 low)