The hourly chart reveals that fluctuations of the American Dollar against the Turkish Lira during this trading week formed a descending triangle. More specifically, the pattern began to develop after a sharp depreciation of the Greenback on May 30, which most probably is associated with release of the Consumer Confidence Index. For the moment, the pair is aiming to break through the weekly S2 at 3.5279 for the third time, as it simultaneously represents equal lows of the triangle. Except for this support level, the currency rate does not face any other barriers in the downward direction. In contrast, in the upward direction, the pair is constrained by the 55-period SMA near 3.5336. Therefore, a breakout to the downside is likely to happen during this trading day.
| Level | Rationale | Indicator | 1H | 4H | 1D | |||
| R4 | 3.5511 | 100-period SMA | MACD (12; 26; 9) | Sell | Sell | Sell | ||
| R3 | 3.5412 | Upper Bollinger Band | RSI (14) | Neutral | Neutral | Neutral | ||
| R2 | 3.5344 | 55-period SMA; Trend line | Stochastic (5; 3; 3) | Sell | Sell | Sell | ||
| R1 | 3.5316 | 20-period SMA | ADX (14) | Neutral | Sell | Sell | ||
| S1 | 3.5279 | Trend line | CCI (14) | Neutral | Neutral | Buy | ||
| S2 | 3.5222 | Bottom Bollinger Band | AROON (14) | Buy | Buy | Buy | ||
| S3 | 3.5063 | Weekly S3 | Alligator (13; 8; 5) | Sell | Sell | Sell | ||
| S4 | 3.4856 | Monthly S1 | SAR (0.02; 0.2) | Buy | Sell | Sell | ||
| Aggregate | → | ↘ | ↘ |