USD/TRY Price Analysis: Juggles around 14.60, bulls may strengthen above 14.80

• USD/TRY continues to oscillate in a range of 14.52-14.76.
• The RSI (14) is trading in a 60.00-80.00 range, which indicates that a bullish setup is intact.
• Bears may dictate asset prices if it slips below the 20-period EMA at 14.34.

The USD/TRY pair is continued to trade back and forth in a narrow range of 14.52-14.76 from Tuesday. The asset is displaying a balanced auction after a consecutive nine positive ticks. On Thursday, the pair is trading 0.43% above Wednesday’s closing price.

On the daily scale, USD/TRY 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 major is auctioning in a flat 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.

The pair is firmly holding above 20-period and 50-period Exponential Moving Averages (EMAs), which are trading at 14.34 and 13.83 respectively.

The Relative Strength Index (RSI) (14) is oscillating in the range 60.00-80.00, which signals more gains ahead.

For an upside, bulls are required to overstep Wednesday’s high at 14.76, which will drift the greenback bulls towards Friday’s high at 15.07 and 16 December 2021 high at 15.75.

On the flip side, bulls may lose their control if the major slip below the 20-period EMA at 14.34. This will send the pair towards the 50-period EMA at 13.83 and further to 38.2% Fibo retracement at 13.38.

USD/TRY daily chart