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USD/TRY Daily Technical Analysis | 6 February 2018

2018-02-06 07:30 am | Resource: Technical Analysis Section | No Views : 286

USD/TRY breached the upper boundary of a classic symmetrical triangle pattern over the hourly interval during the US session as buyers pressured the pair and supported the optimism that has begun to dominate traders on the USD.

USD/TRY Daily Technical Analysis | 6 February 2018

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
Trend: neutral

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