USDTRY – extended pullback should be ideally contained at strong 3.5700/3.5500 support zone
|USDTRY
Extended correction from 3.9416 (11 Jan record high) is testing strong support at 3.5700 (Fibo 61.8% of 3.3403/3.9416 bull-leg).
Support is seen as ideal reversal point as daily studies are oversold and the pair is looking for signals from Fed regarding interest rates.
Another strong supports lay below: 3.5500 (Fibo 38.2% of larger 2.9161/3.9416 rally) and 3.5462 (base of daily Ichimoku cloud) which should contain extended dips and sideline risk for major reversal signal, as bearish continuation below daily cloud could extend towards psychological 3.5000 support and rising 100SMA at 3.4640.
Absence of economic indicators releases from Turkey in the next week suggests that the pair would be driven by technicals.
Res: 3.6710; 3.7060; 3.7263; 3.7587
Sup: 3.5700; 3.5500; 3.5462; 3.5150
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