- USD/TRY is currently trading at 4.4966 levels.
- It made intraday high at 4.5612 and low at 4.4815 levels.
- Intraday bias remains bearish for the moment.
- Key resistances are seen at 4.5388, 4.5612, 4.5872, 4.6002 and 4.6347 marks respectively.
- On the other side, A sustained close below 4.5388 will drag the parity down towards key supports around 4.4815, 4.4688, 4.4590, 4.4427 and 4.40 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.
- Turkey May economic confidence index decrease to 93.5 vs previous 98.3.
We prefer to go short on USD/TRY only below 4.4815, stop loss at 4.5612 and target of 4.4427.
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