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FxWirePro: Turkish lira erases previous gain against U.S. dollar, short term trend reversal likely

  • USD/TRY is currently trading at 3.5575 levels.
     
  • It made intraday high at 3.5583 and low at 3.5500 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 3.5262 marks.
     
  • Key resistances are seen at 3.5757, 3.5851, 3.6036, 3.6238, 3.6552, 3.6925, 3.7180, 3.7479 and 3.7620 levels respectively.
     
  • On the other side, a sustained close below 3.5541 will drag the parity down towards key supports around 3.5262, 3.5126, 3.4854, 3.4766 and 3.4558 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to go long on USD/TRY around 3.5550, stop loss 3.5262 and target of 3.5757.

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