USD/TRY Daily Technical Analysis | 6 February 2018
2018-02-06 07:30 am | Resource: Technical Analysis Section | No Views : 286
Currently the pair is trading in a bullish direction under secondary formation, and the SMA 20 is neutral.
RSI 14 is trading in a major bullish direction and the secondary descending trend line was breached during the trading session.
It is expected that, if the pair breached the currency against the Turkish currency 3.7787 may target areas of 3.8424 on the other side, if breaking the level of 3.7632 may target 3.7123.
Support: 3.7411 - 3.7007 - 3.6484
Resistance: 3.799- 3.8424 - 3.8973
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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