USD/TRY Technical Analysis: 5.98 is the level to beat for the bears

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  • The USD/TRY charted another lower high as it retreated from the Sept. 18 high of 6.4654, adding credence to the bearish pennant breakdown witnessed on Sept. 12.
  • What the bears need now is a break below the Sept. 13 low of 5.98. If confirmed, it would establish a lower price low and open the doors to a deeper drop to 5.68 (Aug. 16 low).
  • On the higher side, acceptance above the trendline trending south from the Aug. 13 high and Aug. 30 high would put the bulls back into the driver's seat.

Daily Chart


	USD/TRY Technical Analysis: 5.98 is the level to beat for the bears

Spot Rate: 6.10

Daily High: 6.1157

Daily Low: 6.0763

Trend: Bearish

Resistance

R1: 6.2130 (10-day moving average)

R2: 6.4654 (Sept. 18 high)

R3: 6.5564 (Sept. 13 high)

Support

S1: 5.99 (Sept. 13 low)

S2: 5.9068 (50-day moving average)

S3: 5.6864 (Aug. 16 low)

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