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FxWirePro: USD/TRY trades in narrow range, Turkey’s lending-borrowing rate decision in focus

  • USD/TRY is currently trading at 4.0806 levels.
     
  • It made intraday high at 4.0906 and low at 4.0714 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 4.0600 levels. 
     
  • Key resistances are seen at 4.1102, 4.1170, 4.1396, 4.1520, 4.1606, 4.1723, 4.1845, 4.1934 and 4.2224 levels respectively.
     
  • A sustained close below 4.0830 will drag the parity down towards key supports around 4.0711, 4.0563, 4.0331, 4.0073, 3.9944 and 3.9845 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
     
  • Turkey will release lending-borrowing rate decision at 1100 GMT.

We prefer to go long on USD/TRY only above 4.0910, stop loss at 4.0700 and target of 4.1520.

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