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USD/TRY Price Analysis: Rising wedge at record top tests bulls above $14.00

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USD/TRY prints slight losses as bulls take a breather around document top.
Bearish chart pattern, RSI pullback from overbought territory prefer momentary sellers.
50-SMA provides energy to the wedge’s help line.
USD/TRY expenditures drop 0.15% intraday to $14.37 at some point of early Tuesday, after clean the all-time excessive with $14.64 degree the preceding day. In doing so, the Turkish lira (TRY) pair tracks RSI pullback from oversold territory.

The brand new weakness, or consolidation of the gains, is in all likelihood to stretch closer to the $14.00 threshold. However, any similarly weak point will be challenged by means of the $13.84 key aid confluence, consisting of 50-SMA and the decrease line of a three-week-old rising wedge.

Should the quote drops beneath $13.84, it confirms a theoretical downward trajectory closer to the late November lows round $11.57.

During the expected fall, $12.40 and the $12.00 threshold may additionally provide an intermediate halt.

Meanwhile, similarly upside wants to go the mentioned wedge’s resistance line, close to $14.77 at the latest, earlier than directing the USD/TRY bulls toward the $15.00 threshold.

USD/TRY: Four-hour chart

Trend: Pullback predicted

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