FxWirePro: Turkish lira trades marginally higher against U.S. dollar, bias remains bearish
USD/TRY is currently trading at 4.5470 levels. It made intraday high at 4.5891 and low at 4.5448 levels. Intraday bias remains slightly bearish for the moment. Key resistances are seen at 4.5726, 4.5985, 4.6220 and 4.644…
It made intraday high at 4.5891 and low at 4.5448 levels.
Intraday bias remains slightly bearish for the moment.
Key resistances are seen at 4.5726, 4.5985, 4.6220 and 4.6448 marks respectively.
On the other side, A sustained close below 4.5726 will drag the parity down towards key supports around 4.5220, 4.5001, 4.4875, 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.
We prefer to go short on USD/TRY around 4.5500, stop loss at 4.6000 and target of 4.4875.
