USD/TRY Daily Technical Analysis | 29 January 2018
2018-01-29 09:16 am | Resource: Technical Analysis Section | No Views : 314
The pair is trading in a minor bullish direction, and the SMA 20 is neutral.
By analyzing the chart above, we will see a classical bullish triangle pattern that broke through the upper border during today's trading and if the pair continues to trade above 3.7476, it will move towards the target we will mention below.
The RSI 14 is still trading in a bearish trend in formation but is trading in a minor upside direction, which might support the classical model.
It is expected that, if the pair continues to trade against the Turkish currency higher 3.7476 may target the areas of 3.7807, but if the breach of the level of 3.7263 may target 3.7033.
Support: 3.7007 - 3.6484- 3.5951
Resistance: 3.7411 - 3.799- 3.8424
The pound hit lows against its major counterparts on Thursday, and remained in the red as the Bank of England warned that "another period of uncertain uncertainty" over Brexit could lead to a drop in inflation and disrupt demand. The MPC kept the benchmark interest rate at 0.75% and the bond portfolio at £ 435 billion. Bank of England maintains interest rate The Bank of England has decided to keep…
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