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03.11.2021 13:06

USD/TRY Price Analysis: Grinds higher below $9.6400 key hurdle

  • USD/TRY struggles to extend the bounce off important support lines.
  • Weekly horizontal area restricts immediate upside before highlighting the record top.
  • Multiple technical levels probe bears below $9.5190 support break.
  • Turkish CPI, US Fed in focus amid a bullish technical set-up.

USD/TRY pokes weekly high around $9.6080 ahead of Wednesday’s European session. In doing so, the Turkish Lira (TRY) pair portrays indecision following a rebound from the key support lines.

That said, a firmer Momentum line and sustained trading beyond resistance line from last week, as well as from early October, enables USD/TRY buyers to battle a seven-day-old horizontal resistance zone, around $9.6400.

However, a clear break of which will propel the quote towards the record high of $9.8505, with $9.7150-60 likely acting as an intermediate halt.

Meanwhile, pullback moves may initially aim for a three-week-long support line near $9.5670 before directing USD/TRY sellers to a weekly trend line support of $9.5190.

It should be noted, however, that a downside break of $9.5190 isn’t a sign of trend reversal as the latest trough and October 19 peak, respectively around $9.4110 and $9.3765, allows buyers to return.

To sum up, USD/TRY remains bullish ahead of the Turkish Consumer Price Index (CPI) data for October, 19.58% YoY prior.

USD/TRY: Four-hour chart

Trend: Further upside expected


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