FxWirePro: USD/TRY consolidates around 4.09 mark, downside limited
USD/TRY is currently trading at 4.0840 levels. It made intraday high at 4.0996 and low at 4.0737 levels. Intraday bias remains slightly bullish till the time pair holds key support at 4.0700 levels. Key resistances are s…
It made intraday high at 4.0996 and low at 4.0737 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 4.0700 levels.
Key resistances are seen at 4.1170, 4.1396, 4.1520, 4.1606, 4.1723, 4.1845, 4.1934 and 4.2224 levels respectively.
A sustained close below 4.0936 will drag the parity down towards key supports around 4.0711, 4.0563, 4.0331, 4.0073, 3.9944 and 3.9845 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 long on USD/TRY only above 4.12, stop loss at 4.0700 and target of 4.1723.
