USD/TRY 1H Chart: Potential breakout
The US Dollar has been depreciating against the Turkish Lira since the end of August. This movement has been bounded in a falling wedge.
Technical indicators for the 1W time frame suggest that a breakout north occurs in the nearest future and the currency pair surges towards the Fibonacci 23.60% retracement at 5.7597.
However, this advance might not be immediate as the exchange rate is being pressured by the 200-hour SMA at 5.4656 and the pair could decline to the support cluster formed by the weekly S2 and the monthly S1 near 5.2800.
Technical indicators for the 1W time frame suggest that a breakout north occurs in the nearest future and the currency pair surges towards the Fibonacci 23.60% retracement at 5.7597.
However, this advance might not be immediate as the exchange rate is being pressured by the 200-hour SMA at 5.4656 and the pair could decline to the support cluster formed by the weekly S2 and the monthly S1 near 5.2800.
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