After shattering a two-week-old support level, the USD/TRY remains downward.
The bearish MACD supports sellers aiming for the 100-SMA, confirming double tops.
On rejecting the bearish chart configuration, buyers can renew record tops.
Bears in the USD/TRY pair take a respite at 8.6900, after the largest daily drop in a week on early Tuesday. The Turkish currency (TRY) pair traded in a modest range around 8.7000 after breaking a rising support line from June 11 the day before.
Not only has the pair’s trend line broken, but bearish MACD favors sellers as well, confirming the bearish chart pattern of a double top.
For the USD/TRY bears, however, the 100-SMA at 8.6175 is a tough nut to crack before directing them towards the monthly low of 8.2775. The mid-June tops near 8.5900 may entice sellers over the fall.
To recall the buyers, a corrective pullback must cross the prior support line, which is near 8.7400.
Nonetheless, the monthly high, which is also the record high, at the 8.8000 psychological magnet will be a tough test for USD/TRY bulls as they attempt to reclaim the all-time high near the 9.0000 round number.
Even when bulls aren’t out of the woods, USD/TRY seems to taunt the bears.
More weakness is likely in the future.
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