- USD/TRY prints mild gains after four consecutive days of losses.
- Corrective pullback from 200-SMA fails to cross 50-DMA, steady RSI adds strength to bearish bias.
- Fortnight-old horizontal resistance also challenges pair buyers, monthly support line restrict immediate declines.
USD/TRY fades bounce off 200-SMA while taking rounds to $13.50 heading into Monday’s European session.
In doing so, the Turkish lira (TRY) pair remains below 50-SMA amid steady RSI conditions.
Other than the immediate hurdle around $13.55, comprising the 50-SMA, a two-week-old horizontal resistance area around $13.65 will also challenge the USD/TRY bulls.
Should USD/TRY prices rise past $13.65, the pair’s run-up towards the $14.00 threshold can’t be ignored.
Meanwhile, a one-month-old ascending support line near $13.35 restricts short-term declines of the pair ahead of the horizontal support zone from January 20, close to $13.25.
During the quote’s weakness past $13.25, the $13.00 round figure and January’s low near $12.75 should lure the USD/TRY bears.
USD/TRY: Four-hour chart
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