FxWirePro: Turkish lira erases previous loss against U.S. dollar after Moody’s rate cut, downside limited
USD/TRY is currently trading at 2.9731 levels. It made intraday high at 2.9844 and low at 2.9724 levels. Intraday bias remains bearish for the moment. Key resistances are seen at 2.9809, 2.9977, 3.0085, 3.0268, 3.0392, 3…
It made intraday high at 2.9844 and low at 2.9724 levels.
Intraday bias remains bearish for the moment.
Key resistances are seen at 2.9809, 2.9977, 3.0085, 3.0268, 3.0392, 3.0675, 3.0749, 3.0921, 3.0967 and 3.1048 levels respectively.
A sustained close below 2.97 will drag the parity down towards key supports around 2.9649, 2.9491, 2.9314, 2.9207, 2.9178, 2.9015 and 2.8847 thereafter.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to go long on USD/TRY around 2.9725, stop loss at 2.9649 and target of 2.9977/3.0114/3.0268.
