FxWirePro: USD/TRY exhibits range bound movement, stay bullish only above 3.5851
Tuesday, May 30, 2017 8:29 AM UTC
- USD/TRY is currently trading at 3.5726 levels.
- It made intraday high at 3.5879 and low at 3.5707 levels.
- Intraday bias remains neutral for the moment.
- Key resistances are seen at 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 3.5652 will drag the parity down towards key supports around 3.5558, 3.5351 and 3.5132 marks 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 go long on USD/TRY only above 3.5851, stop loss 3.5652 and target of 3.6238.