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

  • USD/TRY is currently trading at 3.5305 levels.
     
  • It made intraday high at 3.5335 and low at 3.5240 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • Key resistances are seen at 3.5475, 3.5580, 3.5757, 3.5851, 3.6036, 3.6238, 3.6552, 3.6925, 3.7180, 3.7479 and 3.7620 levels respectively.
     
  • On the other side, a sustained close below 3.5200 will drag the parity down towards key supports around 3.5126, 3.4854, 3.4766 and 3.4558 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.


Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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