USD/TRY Technical Analysis: Prepping for a re-test of 6.00

• The USD/TRY hourly chart shows a bullish relative strength index (RSI) divergence. As a result, the pair could witness an upside break of the falling channel and rise above 6.00 in the next few hours.
• The bullish case would weaken if the falling channel resistance proves a tough nut to crack. That said, only a break below 5.79 would signal a continuation of the pullback from the record highs seen earlier this week.

Hourly chart

Spot Rate: 5.84

Daily High: 5.86

Daily Low: 5.80

Trend: Bullish

Resistance

R1: 5.8694 (10-day moving average)

R2: 6.00 (50-hour moving average)

R3: 6.3656 (100-hour moving average)

Support

S1: 5.69 (recent low)

S2: 5.49 (trendline support)

S3: 5..09 (200MA on 4-hour chart)