FxWirePro: USD/TRY edges higher towards all-time highs as bulls resume bouncing above 7-DMA and Stay long conditionally via near month futures

This pair seemed little weaker after hitting all-time highs of 3.1175 and dropping since then.

But for now, it has taken supports at 3.0666 levels and bouncing back again with a healthy bullish momentum.

The pair has broken a minor resistance of 3.0875 levels

It has significantly bounced above on monthly terms as well (spiked above upper range after testing support at 7EMA).

Currently, the bulls have managed to break out above resistance levels of 3.0660 levels on monthly terms as well.

One can easily make out the bullish effects as and when it approaches the uptrend line. That’s where even RSI evidences the strength in these bullish sentiments.

Slow stochastic curves are almost approach overbought zone but with still %K crossover that signals the healthy momentum in rallies.

The current prices are well above DMAs and EMAs on monthly as well as on EOD graphs that keep having hopes on current upswings to prevail.

Trade tips:

Well, at spot ref: 3.0980 levels, on every dip one can add longs in near futures for targets of 120-140 pips upwards with a strict stop loss at 3.0875 levels (i.e.80-100 pips).

Alternatively, on speculative grounds, we recommend buying rallies and decide to initiate one touch call options which are highly leveraged products. Since 1W implied volatility is on the higher side at around 9.68% in a slightly bullish environment in short term, we recommend this long vega strategy.