Tuesday, December 18, 2018
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Technical Analysis – USD/TRY unlocks 2-week high

USD/TRY 04/12/18 | EconAlerts


USD/TRY unlocks 2-week high, creating significant gains.

USD/TRY strengthened sharply today, climbing to a new two-week high, around 5.3653, extending its run from the pullback on 5.1330. The bullish picture in the very short-term is further supported by the RSI, which is rising above the 50 level and the stochastic oscillator hovers in the overbought territory. Also, the price advances above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart.

In the event of further upside reversal, the 5.4360 could act as a barrier before being able to re-challenge the 5.5270 level. A leg above this level would drive the pair until the 23.6% Fibonacci retracement level of the downward movement from 7.1083 to 5.1330, around 5.5970.

However, further losses should see the four-month low of 5.1330 acting as a major support level, recorded on December 3. A dive below this region would reinforce the bearish structure in the medium-term and open the way towards the next key support of 4.9800.

Turning to the medium-term picture, the market seems to be switching from a bearish mode to a more neutral to bullish one given that the price surpassed the moving averages.

USD/TRY 04/12/18 | EconAlerts


 

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This information is not considered as investment advice or investment recommendation but instead a marketing communication. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.


Source: XM

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