FxWirePro: Turkish lira firms at 4.48 against U.S. dollar, faces key support at 4.4688 mark
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…
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.
