USD/TRY: Short-term bullish correction - Commerzbank
|Analysts at Commerzbank, point out the USD/TRY pair posted a close above the 4 month downtrend line and confirmed a short-term correction higher.
Key Quotes:
“USD/TRY’s minor stabilisation above the November low at 5.1331 is ongoing with it remaining above the 2018 support line and the 200 day moving average at 5.0560. If reached, we would expect the cross to stabilise there, something the positive divergence on the daily RSI is pointing to as well.”
“If a continued decline were to be seen, however, the May and mid-July highs at 4.9624/4.9233 may also be reached. The currency pair may well stabilise there. Minor resistance sits between the 5.5329 mid-October low, the 5.5423 November high and the 55 day moving average at 5.5921.”
“While the cross remains below the mid-August low and the late October high at 5.6972/5.8692, we will retain our medium term bearish forecast.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.