Home USD/TRY Technical Analysis: ascending triangle breakdown seen in 1H chart
FXStreet News

USD/TRY Technical Analysis: ascending triangle breakdown seen in 1H chart

  • The ascending triangle breakdown, as seen in the USD/TRY hourly chart, adds credence to the bearish RSI divergence and indicates scope for a deeper pullback to rising 50-hour moving average (MA), currently located at 6.5377.
  • A move above 7.02 would invalidate the bearish view and could yield rally to fresh record highs above 7.0831.

Hourly chart

Spot Rate: 6.9114

Daily High: 6.9527

Daily Low: 6.8501

Trend: Bearish

Resistance

R1: 6.9527 (session high)

R2: 7.02 (resistance as per the hourly chart)

R3: 7.08 (previous day’s high)

Support

S1: 6.85 (session low)

S2: 6.65 (support as the hourly chart)

S3: 6.5377 (50-hour MA)

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.