The US Dollar to Turkish Lira USD/TRY continues to move as part of the growth of the bullish channel. At the time of publication of the forecast, the exchange rate of the US Dollar to the Turkish Lira is 18.60. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the currency pair. At the moment, we should expect an attempt to develop a downward correction and a test of the support level near the 18.35 area and the pair’s continued growth to the area above the level of 19.85.
Turkish Lira Forecast October 27, 2022
An additional signal in favor of the growth of the Turkish Lira quotes will be a test of the trend line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the lower border of the bullish channel. Cancellation of the USD/TRY growth option on Forex will be a fall and a breakdown of the 17.75 area. This will indicate a breakdown of the lower border of the bullish channel and a continued fall in quotes to the area below the level of 16.55. It is worth waiting for confirmation of the growth of the pair with the breakdown of the resistance area and the closing of the quotes of the USD/TRY pair above the level of 19.05, which will indicate the breakdown of the upper limit of the bullish channel, and this is a strong signal to increase the width of the channel.
Turkish Lira Forecast October 27, 2022 suggests an attempt to test the support area near the level of 18.35. Then, continued growth in the area above the level of 19.85. An additional signal in favor of the rise of the pair on Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the US Dollar against the Turkish Lira will be a fall and a breakdown of the level of 17.75. In this case, the target for the decline will be the level of 16.55.
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