FxWirePro: Turkish lira gains on robust economic confidence index
USD/TRY is currently trading at 3.4250 levels. It made intraday high at 3.4568 and low at 3.4152 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 3.4432 levels. Key resistances ar…
It made intraday high at 3.4568 and low at 3.4152 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 3.4432 levels.
Key resistances are seen 3.4432, 3.4755, 3.4810, 3.4987 and 3.5223 marks respectively.
Alternatively, sustained close below 3.40 will drag the parity down towards key supports around 3.3928, 3.3684, 3.3551, 3.3089, 3.2811, 3.2490, 3.2067 and 3.1635 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’s November economic confidence index increases to 86.5 vs previous 80.56.
We prefer to go short on USD/TRY around 3.4250, stop loss at 3.4432 and target of 3.3684.
