USD/TRY Price Analysis: Bulls attack yearly top near $16.00 amid overbought RSI

• USD/TRY picks up bids to refresh intraday top, seesaws around five-month high.
• Overbought RSI, ascending trend line from January challenge further upside.
• 10-DMA, 61.8% Fibonacci retracement limit pullback moves.

USD/TRY reverses the previous day’s pullback from the yearly top, refreshing intraday high around $15.95 during early Friday morning in Europe.

USD/TRY gained upside momentum after crossing the 61.8% Fibonacci retracement (Fibo.) of the December 2021 slump during early May.

The north-run, however, portrays the overbought RSI (14) conditions, which in turn suggest a pullback in prices. Also challenging the Turkish lira (TRY) pair is an upward sloping trend line from January, close to $16.20 by the press time.

Should USD/TRY cross the aforementioned resistance line, the 78.6% Fibo. level of $16.53 appears the last defense for bears before directing the quote toward the all-time high of $18.36.

Alternatively, pullback moves may initially aim for the 10-DMA level of $15.57 before the 61.8% Fibonacci retracement, surrounding $15.25, gain the market’s attention.

Also considered important support is March’s top close to $15.05, as well as the $15.00 threshold.

USD/TRY: Daily chart

Trend: Pullback expected