| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Sell | Buy |
| RSI(14) | Neutral | Buy | Neutral |
| Stochastic(5;3;3) | Neutral | Neutral | Neutral |
| Alligator(13;8;5) | Sell | Sell | Buy |
| SAR(0.02;0.2) | Sell | Sell | Sell |
| Aggregate | ⇘ | ⇘ | ⇒ |
The US Dollar has been depreciating against the Turkish Lira since the beginning of May. This movement has been bounded in the descending channel.
As apparent on the chart, the USD/TRY currency pair has already reversed south. Currently, the pair is testing the support level formed by the weekly S2 and the monthly S1 at 5.6590. From a theoretical point of view, it is expected, that bears could prevail in the market. A possible downside target is the lower channel line located circa 5.4500.
However, if the given support level holds, it is likely, that the exchange rate could reverse south and re-test the upper channel line located circa the 5.7500 mark.