USD/TRY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY has been moving to the south since January 27, and it seems that the downward rally will persist. Just recently, bulls have made several attempts to penetrate the upper trend line. Each new high, however, has been lower than the previous one, and the pair is facing a strong resistance from the 200-period SMA. While vast majority of opened positions are short, technicals on a 4H and daily charts are suggesting bulls can push the pair to the previous high once again. The short-term outlook is bullish, however, a move above 2.1069 is unlikely, especially keeping in mind ‘sell' signals from aggregate technicals on the weekly chart. The key level for short traders can be found at 2.0775.
© Dukascopy Bank SA
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