- 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 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.
