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Technical Analysis – USDTRY hits new record high, strong bullish outlook

USDTRY is strongly bullish after making a new higher high and hitting a fresh record high of 2.8413 on Friday. The pair broke above the previous peak of 2.8086 hit on June 8.

The short-term outlook remains positive and there is scope to target a key psychological level of 2.8580 since the market is above the daily Ichimoku cloud and the tenkan-sen line is above the kijun-sen line. The RSI is in bullish territory and is trending upwards. However it has reached overbought levels which warns of some possible consolidation ahead. Key support lies at 2.5598.

In the bigger picture, USDTRY maintains a bullish trend and has made an impressive rally since mid-2014. The 200-day moving average is rising and the market is trading above it. The bullish outlook remains strong as long as the market remains above the cloud and moving average

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