USD/TRY Price Analysis: Eyes a kiss to the Rising Channel at 16.20 By Sagar_Dua24 USDTRY Technical Analysis ChartPatterns SupportResistance Momentum
breaching the prolonged consolidation formed in a range of 14.39-15.06. The greenback bulls are outperforming against the Turkish lira amid a broader strength in the former.formation. The upper trendline of the above-mentioned chart pattern is placed from January 3 high at 13.94 while the lower boundary is plotted from February 1 low at 13.27.
Meanwhile, the Relative Strength Index is oscillating in the 60.00-80.00 range, which indicates the strength of the greenback bulls. Most probably, the greenback bulls will remain stronger, however, the RSI is displaying an extremely overbought situation, which could bring exhaustion to the rally.
On the flip side, the greenback bulls could lose their grip if the asset drops below the 9 May low at 14.92. The occurrence of the same will drag the asset towards April 12 low at 14.55, followed by the psychological support at 14.00.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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