FxWirePro: Turkish lira falls against U.S. dollar ahead of manufacturing confidence data
USD/TRY is currently trading at 3.0812 levels. It made intraday high at 3.0830 and low at 3.0756 levels. Intraday bias remains bullish till the time pair holds key support at 3.0546 levels. Key resistances are seen 3.089…
It made intraday high at 3.0830 and low at 3.0756 levels.
Intraday bias remains bullish till the time pair holds key support at 3.0546 levels.
Key resistances are seen 3.0891, 3.0970, 3.1048, 3.1128
and 3.1276 levels respectively.
Alternatively, sustained close below 3.0546 will drag the parity down towards key supports around 3.0343, 3.0159, 2.9932, 2.9771, 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.
Turkey will release capacity utilisation rate as well as manufacturing confidence data at 1130 GMT.
We prefer to go long on USD/TRY around 3.0780, stop loss at 3.0546 and target of 3.0977/3.1137.
