USD/TRY Price Analysis: Struggles to breach 14.90, bears are hopeful below 14.40 By Sagar_Dua24 USDTRY Technical Analysis ChartPatterns SupportResistance
On a four-hour scale, USD/TRY is auctioning in a rising wedge in which the market participants consider pullback towards the lower end as a buying event. The upper end of the rising wedge is marked from February 24 high at 14.66 while the lower end is placed from January 28 low at 13.73.
For the downside, the Turkish lira bulls need to violate March 17 low at 14.58, which will drag the asset near last week's low at 14.39. Breach of the latter will expose the pair to the 200-period EMA at 14.25. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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