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.
Spot Rate: 6.3457
Daily High: 6.3495
Daily Low: 6.3346
R1: 6.4937 (5-day moving average)
R2: 6.8353 (Aug. 30 high)
R3: 7.00 (psychological hurdle)
S1: 5.96 (Aug. 27 low)
S2: 5.68 (Aug. 16 low)
S3: 5.62 (50-day moving average)
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