FxWirePro: USD/TRY hits fresh weekly low at 3.0551, good to sell on rallies
USD/TRY is currently trading at 3.0696 levels. It made intraday high at 3.0705 and low at 3.0551 levels. Intraday bias remains bearish for the moment till the time pair holds key resistance at 3.0970 levels. Key resistan…
It made intraday high at 3.0705 and low at 3.0551 levels.
Intraday bias remains bearish for the moment till the time pair holds key resistance at 3.0970 levels.
Key resistances are seen 3.0970, 3.1048, 3.1128 and 3.1276 levels respectively.
Alternatively, current down fall will drag the parity down towards key supports around 3.0678, 3.0551, 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. Current downside movement is short term trend correction only.
We prefer to go short on USD/TRY around 3.07, stop loss at 3.0970 and target of 3.0551/3.0343.
