USD/TRY 1H Chart: Pair approaches record high
The massive surge of the US Dollar which ended on May 23 was followed by two weeks of decline. As a result, the pair approached the upper boundary of the breached medium-term channel prior to reversing back to the upside.
USD/TRY is gradually approaching its many-year high of 4.90. It is expected that the Greenback continues to edge higher during the following trading days until this level is reached. The monthly R1 is likewise located nearby at 4.95.
However, it should be noted that technical indicators are starting to converge with the price movement on the daily timeframe . Thus, it might still be a few days before the price picks up the bearish sentiment and targets the 55-, 100– and 200-period SMAs on the 1H, 4H and 1D timeframes. The nearest support of importance is the monthly PP at 4.50.
USD/TRY is gradually approaching its many-year high of 4.90. It is expected that the Greenback continues to edge higher during the following trading days until this level is reached. The monthly R1 is likewise located nearby at 4.95.
However, it should be noted that technical indicators are starting to converge with the price movement on the daily timeframe . Thus, it might still be a few days before the price picks up the bearish sentiment and targets the 55-, 100– and 200-period SMAs on the 1H, 4H and 1D timeframes. The nearest support of importance is the monthly PP at 4.50.