USD/TRY Price Analysis: Bulls are approaching 61.8% Fibo retracement at 15.30

• USD/TRY pair is oscillating in a narrow range of 14.78-14.84 after two indecisive candlesticks formation.
• The greenback bulls have pushed the asset above 50% Fibo retracement at 14.34.
• The RSI (14) is oscillating in a range of 60.00-80.00, which indicates an ongoing bullish trend.

The USD/TRY pair is oscillating in a narrow range of 14.78-14.84 on Tuesday after two consecutive indecisive candlestick formations.

On the daily scale, USD/TRY is trading in a neutral channel whose upper end is placed from January 3 high at 13.94 and the lower end is marked from January 31 low at 13.27. Recently, the major has extended its gains after overstepping the 50% Fibonacci retracement (placed from 20 December 2021 high at 18.37 to 23 December low at 10.25) at 14.34.

The pair is holding above the 30-period Exponential Moving Average (EMA) at 14.09, which adds to the upside filters.

The Relative Strength Index (RSI) (14) is oscillating in a range of 60.00-80.00, which indicates an ongoing bullish move in the asset.

For more upside, bulls need to violate Friday’s high at 15.07, which will drift the greenback bulls towards 16 December 2021 high at 15.75 and 20 December 2021 opening price at 16.60.

On the contrary, the Turkish lira bulls can drag the asset lower if the major slip below Monday’s low at 14.52. This will send the pair towards the 30-period EMA at 14.09 and further to 38.2% Fibo retracement at 13.38.

USD/TRY Daily chart