USDTRY hit a new record high of 3.0014 on Thursday. The pair has made an impressive rally since August 13. Breaking such a key psychological level of 3.00 strengthens the upside momentum.
Technical indicators are extremely bullish. We can see the tenkan-sen and kijun-sen lines are positively aligned and rising. The 200-day moving average is also rising. RSI is in bullish territory and is trending upwards. However it has reached overbought levels which warns of some possible consolidation ahead. Support comes at Wednesday’s high of 0.9424.
In the bigger picture, USDTRY maintains a bullish trend and has made an impressive rally since mid-2014. The bullish outlook remains strong as long as the market remains above the Ichimoku cloud and moving average.
Risk Warning: Forex, Commodities, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please refer to our full Risk Disclosure.