The USDTRY pair holds in green for the fourth day and extends advance from 4/5 Sep double-bottom (5.6480) to pressure key barriers at 5.7908 (100 DMA) and 5.8031 (daily cloud top) on Tuesday.
Lira’s sentiment weakened on threats of US sanctions over Turkey’s purchase of Russian missile system that increases pressure on Turkish currency and risk of significant fall on break through 100DMA / cloud top pivots, as Turkey’s central bank is likely to cut interest rates on Thursday that would add to negative outlook.

Recent highs at 5.90 zone would come in focus if USDTRY bulls emerge from daily cloud, with extension towards 5.9408 (Fibo 61.8% of 6.2445/5.4494) not ruled out in case of stronger bullish acceleration.
Rising 20DMA (5.7331) marks pivotal support.

Res: 5.7908; 5.8031; 5.8228; 5.8497
Sup: 5.7606; 5.7411; 5.7331; 5.7000


The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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