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FxWirePro: Turkish lira weakens to 4.6 against U.S. dollar on the back of lower than expected manufacturing PMI data

  • USD/TRY is currently trading at 4.5946 levels.
     
  • It made intraday high at 4.5997 and low at 4.5184 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 4.4541.
     
  • Key resistances are seen at 4.6002, 4.6347, 4.6426 and 4.6888 marks respectively.
     
  • On the other side, A sustained close below 4.5200 will drag the parity down towards key supports around 4.4815, 4.4688, 4.4542, 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.
     
  • Turkey May manufacturing PMI decrease to 46.4 vs previous 48.9.

We prefer to go long on USD/TRY  around 4.5850, stop loss at 4.5180 and target of 4.6888.

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