FxWirePro: Turkish lira erases previous gain against U.S. dollar, short term trend reversal likely
USD/TRY is currently trading at 3.5575 levels. It made intraday high at 3.5583 and low at 3.5500 levels. Intraday bias remains bullish till the time pair holds key support at 3.5262 marks. Key resistances are seen at 3.5…
It made intraday high at 3.5583 and low at 3.5500 levels.
Intraday bias remains bullish till the time pair holds key support at 3.5262 marks.
Key resistances are seen at 3.5757, 3.5851, 3.6036, 3.6238, 3.6552, 3.6925, 3.7180, 3.7479 and 3.7620 levels respectively.
On the other side, a sustained close below 3.5541 will drag the parity down towards key supports around 3.5262, 3.5126, 3.4854, 3.4766 and 3.4558 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to go long on USD/TRY around 3.5550, stop loss 3.5262 and target of 3.5757.
