- The Turkish Lira (TRY) experienced a significant decline against the US Dollar (USD), closing at $0.0255 compared to an opening price of $0.0371.
- This represents a substantial daily loss of approximately 31.29%.
- The price fluctuated between a high of $0.0391 and a low of $0.0254, reflecting intense selling pressure on the Turkish currency amidst continued lack of confidence in the Lira.
TRYUSD technical Analysis and Expectations Today:
From a technical perspective, the TRY/USD pair is exhibiting a sharp bearish pattern, having broken several pivotal support levels during recent trading sessions. The rapid decline from the 0.0391 area down to 0.0255 indicates that the pair has lost any effective short-term support.
Technical indicators, such as the Relative Strength Index (RSI), suggest that the pair has entered oversold territory, which might lead to a temporary correction. However, the overall trend remains clearly negative.
Furthermore, the price's continued presence at these low levels without the ability to close above 0.0270 – 0.0285 will maintain negative pressure and increase the likelihood of further declines to new lows.
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TRY/USD (Daily)
Suggested Entry Points:
Bullish Entry Points (in case of a technical rebound):
- 0.0250: A critical potential support level for a rebound.
- 0.0235: If the decline continues, this might attract short-term buyers.
- Upon breaking above 0.0275: (Initial signal of a technical turnaround).
Bearish Entry Points (with continued bearish trend):
- 0.0268: Retesting a broken resistance.
- 0.0285: A strong resistance level in case of any technical rebound.
- Upon breaking below 0.0250: (Confirmation of a new bearish wave).
USD/TRY Trading Signals:
The negative pressure on the Turkish Lira is expected to continue in the absence of any positive economic catalysts or strong monetary intervention from the Turkish Central Bank. Unless we see official action or an improvement in economic indicators, the most likely scenario is a continued descent towards 0.0230 – 0.0220 in the near term.
TRYUSD Price Forecast for the Coming Days:
It is preferable to wait for any technical rebound towards resistance levels to open sell positions, exercising extreme caution when considering buying, unless confirmed reversal signals emerge.
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