USD/TRY defends 50-DMA as bulls eye a sustained move above 12.00 USDTRY Currencies Technical Analysis Turkey
The market mood remains mixed amid surging covid cases globally, underpinning the US dollar’s haven demand. Additionally, rising inflation expectations also collaborate with the dollar’s upside, keeping the sentiment buoyed around the spot.
Looking at USD/TRY’s technical chart, the spot yielded a daily closing above the 50-Daily Moving Average resistance, now at 11.70, having bounced off the critical 100-DMA support in the previous week. Failure to resist above the 50-DMA could recall sellers for a test of Monday’s low of 11.07, below which the 100-DMA at 10.18 will be back in play.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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