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FxWirePro: USD/TRY consolidates around 4.09 mark, downside limited

  • USD/TRY is currently trading at 4.0840 levels.
     
  • It made intraday high at 4.0996 and low at 4.0737 levels.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at 4.0700 levels. 
     
  • Key resistances are seen at 4.1170, 4.1396, 4.1520, 4.1606, 4.1723, 4.1845, 4.1934 and 4.2224 levels respectively.
     
  • A sustained close below 4.0936 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.

We prefer to go long on USD/TRY only above 4.12, stop loss at 4.0700 and target of 4.1723.

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