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FxWirePro: USD/TRY hits multiyear high at 3.1028; stay bullish

  • USD/TRY is currently trading at 3.0950 levels.
     
  • It made intraday high at 3.1028 and low at 3.0806 levels.
     
  • Intraday bias remains bullish for the moment till the time pair holds key support at 3.0712 levels. 
     
  • Key resistances are seen 3.1048, 3.1099, 3.1189 and 3.1276 levels respectively.
     
  • Alternatively, reversal from key resistance 3.0970 will drag the parity down towards key supports around 3.0712, 3.0678, 3.0536, 3.0343, 3.0159, 2.9932, 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.

We prefer to go long on USD/TRY around 3.0970, stop loss at 3.0712 and target of 3.1099.

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