50-DMA adds to the downside filters, bulls need validation from Novembers high.
Momentum lines retreat hints at bears' struggles to retake controls.
USD/TRY remains sidelined around $13.48, keeping two-week-old momentum between 21-DMA and descending trend line resistance. That said, the quote eases to $13.47 during Wednesdays Asian session.
The Turkish lira (TRY) pairs weakness aims to retest the 21-DMA level of $13.46, a break of which will highlight the 50-DMA, around $13.20, as the next support.
Should USD/TRY bears keep reins past $13.20, the 23.6% Fibonacci retracement of December 2021 moves, around $12.20, cant be ruled out. However, the $13.00 threshold may offer an intermediate halt during the fall.
Alternatively, an upside clearance of the stated resistance line, near $13.72, will aim for the tops marked during late November and December 2021, around $13.95 and $14.15 in that order.
In a case where USD/TRY buyers remain dominant past $14.15, the 61.8% Fibo. level of $15.26 may offer an intermediate halt during the expected rally targeting the $20.00 psychological magnet.
It should be noted that the Momentum line recently retreats from the higher area and the prices are also losing bullish bias, which in turn keeps sellers hopeful.
Leave a Reply