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3 Feb 2022

USD/TRY Price Analysis: 50-DMA pushes bulls to aim for six-week-old resistance line

  • USD/TRY keeps early-week rebound from 50-DMA towards 21-DMA.
  • Descending trend line from late December becomes the key hurdle.
  • Steady RSI suggests sideways moves between 50-DMA, stated resistance line.

USD/TRY stays firmer around $13.48 during Thursday’s Asian session, holding the latest rebound from the 50-DMA.

The quote’s sustained bounce off the 50-DMA gains support from the steady RSI line to battle the 21-DMA, around $13.53 at the latest.

However, a downward sloping trend line from December 21, near $13.61, becomes the key challenge for the USD/TRY buyers, a break of which will not hesitate to propel the quote towards January’s top surrounding $13.95.

It’s worth mentioning that the USD/TRY bulls need validation from 50% Fibonacci retracement (Fibo.) of December 20-23 downturn, around $14.30, for further upside.

Meanwhile, pullback moves remain elusive until staying beyond the 50-DMA level of $13.42. Also challenging USD/TRY sellers are the lows marked in early January around $13.15 and $12.75.

Should the prices drop below $12.75, USD/TRY bears may not hesitate to challenge the late 2021 bottom close to $10.25.

USD/TRY: Daily chart

Trend: Sideways

Feb 3, 2022

AUD/USD stays pressured towards 0.7100 on jittery markets, mixed Aussie data

AUD/USD extends pullback from the weekly top, down 0.30% on a day while refreshing intraday low to 0.7115 during Thursday’s Asian session. In doing so
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Feb 3, 2022

US Dollar to stay dominant, but big Fed push needed to climb higher – Reuters poll

“The US dollar will reign supreme for at least another 3-6 months,” per Reuters’ latest poll conducted between January 31 to February 02. The survey r
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