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USD/TRY 1H Chart: Upside potential

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralSellNeutral
Stochastic(5;3;3)NeutralNeutralSell
Alligator(13;8;5)BuyBuyNeutral
SAR(0.02;0.2)BuyBuyBuy
Aggregate⇗⇗⇒

[ANNOUNCE] The US Dollar has been appreciating against the Turkish Lira since the beginning of February when the exchange rate reversed from the psychological level at 5.2000. [/ANNOUNCE] 

As apparent on the chart, the currency pair is testing the resistance level at the 5.4800 mark. Given that the rate is being supported by the 55-, 100– and 200-hour SMAs, it is likely that some upside momentum prevails in the market. It is expected that the rate targets the Fibonacci 38.20% retracement at 5.8128. 

It is the unlikely case that bears prevail in the market in the nearest future and the currency pair breaches the Fibonacci 61.80% retracement at 5.0298.

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