USD/TRY Price Analysis: Bulls remain hopeful whilst above 21-SMA on 4H chart

• USD/TRY is picking up fresh bids after Friday’s retreat.
• Record highs of 9.85 eyed amid bullish RSI, as 21-SMA support holds.  
• The pair eyes a symmetrical triangle breakout on the 4H chart.

USD/TRY is keeping its range play intact around 9.70 kicking off a new week, as bulls are looking to regain control after Friday’s brief retreat.

The US dollar is attempting a bounce across the board, lending support to the currency pair. Meanwhile, the lira continues to bear the brunt of the policy concerns, despite the government’s denial of a report that the finance minister had offered his resignation.

From a short-term technical perspective, USD/TRY is consolidating at the higher side of a potential symmetrical triangle formation spotted on the four-hour chart.

Bulls need a four-hourly candlestick closing above the falling trendline resistance at 9.76 to validate an upside breakout from the triangle.

The next relevant upside target will be the record high of 9.85. Above that, the 10.00 psychological level will be tested.

The Relative Strength Index (RSI) has edged slightly lower but remains well above the midline, keeping the buyers hopeful.

USD/TRY: Four-hour chart

On the flip side, the 21-Simple Moving Average (SMA) at 9.67 offers powerful support to USD/TRY. A sustained break below the latter could expose the mildly bullish 50-SMA at 9.60.

If the bearish pressures accelerate, then a further drop towards 9.50 could be in the offing. That level emerges as a fierce cap, as it is a confluence of the 100-SMA and the rising trendline support.