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FxWirePro: Turkish lira strengthens against U.S. dollar, bias remains bearish

  • USD/TRY is currently trading at 3.6151 levels.
     
  • It made intraday high at 3.6305 and low at 3.6011 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 3.6924 marks.  
     
  • Key resistances are seen at 3.6305, 3.6568, 3.6924 and 3.7012 marks respectively.
     
  • A sustained close below 3.6233 will drag the parity down towards key supports around 3.5982, 3.5812 and 3.5558 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.

    We prefer to go short on USD/TRY around 3.6150, stop loss 3.6924 and target of 3.5614.
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