USD/TRY 1H Chart: Two scenarios likely

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
 MACD(12;26;9) Buy Sell Sell
 RSI(14) Neutral Neutral Neutral
 Stochastic(5;3;3) Neutral Neutral Buy
 Alligator(13;8;5) Buy Sell Neutral
 SAR(0.02;0.2) Sell Sell Sell
 Aggregate

The US Dollar has depreciated around 8.30% against the Turkish Lira since the beginning of 2019. The currency pair reversed from the lower boundary of the short-term descending channel located circa 5.1600.  

Currently, the exchange rate is testing the upper channel line located circa 5.2900. If given channel holds, it is expected that a reversal south occurs within the following sessions, and the pair targets the lower channel boundary located in the 5.0300/5.0775 range.  

Otherwise, a breakout north occurs in the nearest future. A potential upside target is the psychological level at 5.3500.

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