Turkish lira is holding near all-time low and about to enter uncharted territory

Slobodan Drvenica Windsor Brokers

The USDTRY advanced 4% this week and approached new record high at 8.7536, posted on June 2, Fed’s signals of stimulus tapering and rate hikes, probably earlier than expected, strongly boosted dollar.

This week’s advance nearly fully retraced shallow pullback from new all-time high and signaling that the pair is about to enter uncharted territory again.

Bulls eye targets at 8.9000 (round figure) and 8.9796 (Fibo 123.6% projection of the upleg from 6.8951 (Feb 16 trough) with extension towards 9.0000 (psychological) and 9.2258 (Fibo 138.2% projection) not ruled out on stronger acceleration.

Res: 8.7060; 8.7536; 8.8000; 8.7536

Sup: 8.6142; 8.5550; 8.5265; 8.5000

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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