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…
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.
