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USD/TRY Daily Technical Analysis | 29 January 2018

2018-01-29 09:16 am | Resource: Technical Analysis Section | No Views : 314

During today's Asian session, USD/TRY breached the downtrend line on the 60-minute time frame but without confirmation, the pair also breached the 3.7411 area but also without confirmation.

USD/TRY Daily Technical Analysis | 29 January 2018

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
Trend: Down


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