Holds ground above 27.00, aligns to a support at 38.2% Fibo

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<li><strong>USD/TRY trades above 27.00 due to the Fed’s hawkish stance regarding the interest rate trajectory.</strong></li>
<li><strong>Momentum indicators suggest that bullish sentiment prevails in the market.</strong></li>
<li><strong>The pair could find the key resistance around the monthly high at 27.75.</strong></li>
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<p>USD/TRY holds ground above the 27.00 psychological level aligned to the immediate support level of 38.2% Fibonacci retracement at 26.82 during the European session on Thursday.</p>
<p>A firm break below the latter could exert pressure on the USD/TRY pair to navigate the region around the 50-day Exponential Moving Average (EMA) at 26.38, followed by the 61.8% Fibonacci retracement at 26.24 aligned to the 26.00 psychological level.</p>
<p>The US Dollar (USD) is receiving upward support against the Turkish Lira (TRY) as a result of the US Federal Reserve’s (Fed) hawkish stance regarding the trajectory of interest <a href="https://www.fxstreet.com/rates-charts/rates">rates</a>. This is attributed to the robust economic growth and inflationary pressures in the United States (US).</p>
<p>On the upside, the USD/TRY pair could face a challenge around the monthly high at 27.75, followed by August’s high at 27.88 level.</p>
<p>The Moving Average Convergence Divergence (MACD) line remains above the centerline and the signal line. This configuration suggests that the momentum in the underlying asset’s price is relatively strong.</p>
<p>However, the momentum in the pair indicates that bullish sentiment prevails in the market as the 14-day Relative Strength Index (RSI) remains above the 50 level.</p>
<h3><strong>USD/TRY: Daily Chart</strong></h3>
<p><a href="https://editorial.fxstreet.com/miscelaneous/image-638308841208589421.png" target="_blank" rel="noopener"><img decoding="async" src="https://editorial.fxstreet.com/miscelaneous/image-638308841208589421.png" style="width: 600px; height: 208px;" /></a></p>
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<br /><a href="https://www.fxstreet.com/news/usd-try-price-analysis-holds-ground-above-2700-aligns-to-a-support-at-382-fibo-202309210909">Source link </a></p><p>The post <a href="https://forextraderhub.com/holds-ground-above-27-00-aligns-to-a-support-at-38-2-fibo.html">Holds ground above 27.00, aligns to a support at 38.2% Fibo</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>