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USDTRY Faces Strong Losses after 4-Month High

USDTRY shifted aggressively to the downside after spiking towards a fresh four-month high of 8.4647 earlier today. The price is trying to recoup the positive gap which was posted during the previous sessions, with the technical indicators showing a mixed behavior. The RSI is sloping down from the overbought territory, whereas the MACD is gaining ground above its trigger line.

Should the pair move even lower, immediate support could come around the former crucial resistance area of 7.7687. Below that, the 200-day simple moving average (SMA) at 7.4285 could be another major support, while a drop below the Ichimoku cloud and the 40-day SMA may take the price closer to the 7.1797 barrier.

Alternatively, an upside reversal could initially stall somewhere between 7.9165 and 8.0336, and then stretch towards the all-time high of 8.5765.

To sum up, despite the latest sharp rally in USDTRY, the pair continues to face downside risks, shifting attention to 7.7687.