USD/TRY Daily Technical Analysis | 2 February 2018
2018-02-02 11:15 am | Resource: Technical Analysis Section | No Views : 336
The pair is trading in a minor downside direction, and the simple moving average 20 is overlapping with the pair's movement, so our outlook is neutral.
Relative Strength Index 14 is trading in a cross-section between a classical symmetrical triangle.
It is expected that, if the pair breaks the currency against the Turkish currency 3.7211 may target areas of 3.70 on the other side, if the breach of the level of 3.7379 may target 3.7703.
Support: 3.7007 - 3.6484 - 3.6300
Resistance: 3.7411 - 3.799- 3.8424
The dollar traded lower against the currencies as traders were also wary of looking for riskier assets awaiting developments on the trade front. The Fed cut its target overnight rate by a quarter percentage point on Wednesday, to a level of 1.75% to 2.0%, to offset slowing global growth and the risks partly associated with President Donald Trump's trade battles with China. This was the second Fed rate cut this…
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