By Yan Peters – Just before the Non-Farm Payrolls publication the USD/TRY breaks a very strong support level, and aims to drop to the 1.4750 level and even the 1.4650 level. read below for more information.
• The chart below is the USD/TRY 4-hour chart by ForexYard.
• The technical indicators used are the Bollinger Bands, the Slow Stochastic, the MACD/OsMA and the Relative Strength Index (RSI).
• A negative slope of the Slow Stochastic indicates that the downtrend has a lot of momentum. This indicates that the trend is likely to continue.
• The MACD is proceeding with its freefall, and has dropped below the 0.0 line. For as long that the MACD continues to slide, the pair is likely to drop as well.
• The RSI is providing mixed results at the moment. Although the RSI remains at the over-sold zone, it has recently pointed up. If the RSI will reach above the 30 line, it should be a warning for a trend reversal.
• As can be seen on the chart, the pair has breached through the 1.4820 support level. It is now on its way to the next support level, located at the 1.4750 price. If the pair will manage to cross this level again, it has the potential to reach the 1.4650 level, which is the strongest support level at the moment.
Forex Market Analysis provided by Forex Yard.
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