- USD / TRY is rescued by the support of the 21-day average.
- On Tuesday, the lira was not fully favored by the fall of the dollar.
USD / TRY halted its two-day correction from all-time highs of 8.5146, despite the relentless decline in the US dollar on all fronts.
The Turkish lira rallied sharply from record lows in the last two days after the government lifted the daytime blockade due to the coronavirus on Monday, imposed two and a half weeks ago. However, night and weekend curfews are maintained.
From a short-term technical perspective, the 21-day moving average at 8.2977 has come to the rescue of the bulls after two consecutive days of decline.
A daily close below this last level could imply a bearish reversal. Keep in mind that the price has not closed below the 21-day average since April 15.
The next significant support awaits at the April 29 low at 8.1305.
However, with the 14-day Relative Strength Index (RSI) attempting a rally above the midline, the chances of the uptrend resuming are higher.
USD / TRY day chart
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