USDTRY Bearish Pennant Breakdown Confirmed

USDTRY bearish pennant breakdown was confirmed after the pair closed yesterday at 6.3246 on the daily chart. What should traders expect next?

13 September, OctaFX – The USDTRY closed yesterday at 6.3246, confirming a downside break of the pennant pattern on the daily chart or a bullish-to-bearish trend change.

As a result, the spot could soon test support at 5.96 (Aug. 27 low) and could drop further towards the ascending 50-day moving average (MA), currently located at 5.62.

USDTRY Bearish Pennant Breakdown Confirmed

The pennant breakdown on the USDTRY could trigger a relief rally in the other EM currencies like INR.

Daily chart

Spot Rate: 6.3457

Daily High: 6.3495

Daily Low: 6.3346

Trend: Bearish

Resistance

R1: 6.4937 (5-day moving average)

R2: 6.8353 (Aug. 30 high)

R3: 7.00 (psychological hurdle)

Support

S1: 5.96 (Aug. 27 low)

S2: 5.68 (Aug. 16 low)

S3: 5.62 (50-day moving average)

Disclaimer

This article about USDTRY Bearish Pennant Breakdown Confirmed was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.