FxWirePro: Turkish lira erases previous loss against U.S. dollar, short term trend reversal likely
USD/TRY is currently trading at 4.0810 levels. It made intraday high at 4.1174 and low at 4.0723 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 4.1606 levels. Key resistances ar…
It made intraday high at 4.1174 and low at 4.0723 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 4.1606 levels.
Key resistances are seen at 4.1606, 4.1723, 4.1845, 4.1934 and 4.2224 levels respectively.
A sustained close below 4.1060 will drag the parity down towards key supports around 4.0855, 4.0711, 4.0563, 4.0331, 4.0073, 3.9944 and 3.9845 marks respectively.
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 4.0650, stop loss at 4.0073 and target of 4.1723.
