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FxWirePro: USD/TRY hovers around fresh multiyear high at 3.1736, good to buy on dips

  • USD/TRY is currently trading at 3.1498 levels.
     
  • It made intraday high at 3.1593 and low at 3.1422 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 3.1088 levels. 
     
  • Key resistances are seen 3.1736, 3.1819 and 3.2036 marks respectively.
     
  • Alternatively, sustained close below 3.1088 will drag the parity down towards key supports around 3.0924, 3.0797, 3.0514, 3.0343 and 3.0159 marks respectively.
     
  • 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 3.1450, stop loss at 3.1088 and target of 3.1736.

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