USD/TRY Daily Technical Analysis | 7 February 2018
2018-02-07 07:52 am | Resource: Technical Analysis Section | No Views : 329
Currently the pair is trading in a bearish direction in a sub-configuration, and the simple moving average 20 crosses negatively with the broken bullish line which supports the sellers.
RSI 14 broke the ascending trend line during the European session yesterday morning and is still trading in a major bullish direction.
It is expected that, if the pair breaks the currency against the Turkish currency 3.7787 may target the areas of 3.7506 while, if the breach of the level of 3.7602 may target 3.7737.
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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