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FxWirePro: USD/TRY hits fresh 8-week high at 3.0098; stay bullish

  • USD/TRY is currently trading at 3.0022 levels.
     
  • It made intraday high at 3.0066 and low at 2.9944 levels.
     
  • Intraday bias remains bullish for the moment till the tie pair holds key support at 2.9905 levels. 
     
  • Key resistances are seen at 3.0098, 3.0268, 3.0392, 3.0675, 3.0749, 3.0921, 3.0967 and 3.1048 levels respectively.
     
  • A sustained close below 2.9977 will drag the parity down towards key supports around 2.9905, 2.9771, 2.9649, 2.9491, 2.9314, 2.9207, 2.9178, 2.9015 and 2.8847 thereafter.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • Turkey will release trade balance data at 0700 GMT.

    We prefer to go long on USD/TRY around 3.0010, stop loss at 2.9905 and target of 3.0268.
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