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EUR
$1.07
(0%)
GBP
$1.26
(0%)
AUD
$0.72
(-0%)
JPY
$0.01
(0%)
TRY
$0.06
(0%)
INR
$0.01
(0%)
SGD
$0.73
(0%)
MYR
$0.23
(0%)
JOD
$1.43
(0%)
KWD
$3.31
(0%)
SAR
$0.27
(0%)
AED
$0.28
(0%)
QAR
$0.28
(0%)
OMR
$2.64
(0%)
EGP
$0.06
(0%)

USDTRY Continues the Plunge

0 1,789

USDTRY has witnessed a dramatic fall from record highs at the back end of 2020. Sinking to a 6-month low, prices now test the lower $7 region with momentum firmly resting to the downside.

Prices attempted to test the long-term resistance trendline recently, however could not puncture the level which is also a strong confluence of the Ichimoku cloud.

The price test at the cloud’s downside border indicates a descending tendency, which has negated the recent bullish divergence.

We now look towards targets below the $7 psychological level as bears confirm their stance.

usdtry

An intraday look shows that prices are firmly trading in a descending channel. With prices trading far away from the Ichimoku cloud, further downside is expected.

However, should price once again bounce off the lower channel, it could be a slight indication that in the near-term, the trend could be halted.

The recent bullish divergence could emphasize a turnaround in fortunes for the currency pair, should the Ichimoku indicator’s weigh in.

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