USDTRY Bears Inject Fresh Lows

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USDTRY has seen a sharp shift in sentiment since its yearly high at the beginning of November. Currently, prices have fallen below the Ichimoku cloud which indicates further downside in the near-term.

However, should the recent bullish divergence noted on the momentum indicator come into fruition, then a possible bounce could occur.

In this case, 23.6% of the 8.5779/7.5120 downside Fibonacci leg will be the first target. With the cloud currently trading between the said level and the 38.2%, this consolidation zone will be the factor if the currency pair can move higher.

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A short-term intraday outlook looks at prices trading within a descending channel. Currently, a false attempt to break out of the top side of the said channel has been noted.

The recent hidden bearish divergence could pull prices lower, back to the median regression. Support has previously been found at this level, therefore we could see the trend continue.

However, should prices fall past the mean, then fresh lows could prevail at the lower end of the channel.

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