FxWirePro: Turkish lira strengthens against U.S. dollar, bias remains bearish
Friday, March 17, 2017 7:42 AM UTC
- 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.