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FxWirePro: USD/TRY exhibits range bound movement, bias neutral

  • USD/TRY is currently trading at 2.9337 levels.
     
  • It made intraday high at 2.9367 and low at 2.9314 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 2.9207 marks.
     
  • A sustained close below 2.92 will drag the parity down towards key supports around 2.9178, 2.9015 and 2.8847 thereafter.
     
  • On the other side, key resistances are seen at 2.9423, 2.9661, 2.9710, 2.9867, 2.9977, 3.0085, 3.0392, 3.0675, 3.0749, 3.0921, 3.0967 and 3.1048 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position in USD/TRY around 2.9350, stop loss 2.9423 and target 2.9133.

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