USDTRY soared in recent days and now looks to be headed for a test of the upper bound of the wide sideways range that has contained the price action since late May, between 5.93 and 5.45. The price structure in the medium-term timeframe currently paints a cautiously positive picture, with a clear above 5.93 needed to turn it clearly positive.
The RSI and MACD endorse a mildly bullish outlook, with the former crossing above its 70 line and pointing higher, and the latter rising above its red trigger line in positive territory.
If the bulls stay in charge and manage to overcome the 5.93 barrier, the attention would then turn to the 6.00 psychological handle, which is also marked by the inside swing low on May 20. Even higher, the 6.15 territory could prove a more difficult obstacle for the buyers.
On the flipside, if the bears retake control, their first target may be the cluster of support around 5.77, where the 50- and 200-day simple moving averages (SMAs) are also roughly located. Even lower, the 5.68 would attract attention, a downside break of which would turn the picture back to neutral, opening the door for a test of 5.64.
In short, if buyers manage to break above 5.93, that could add fuel to the latest rally.
