USD/TRY outlook: Turkish Lira falls to new record low against Dollar
USD/TRY
USDTRY breached psychological 30 barrier and hit new record high on Thursday, extending gains between two full figures (29 and 30) in less than a month.
Steady and slow-paced ascend, interrupted by minor corrections, suggest that bigger gains are possible.
Once the break of 30 pivot is verified, bulls will shift focus towards next targets at 30.0575 (Fibo projection) and 30.10 (round figure).
Overbought technical studies so far did not cause any stronger impact on bulls, with fundamentals likely to play a key role in the near future.
Change of expectations for Fed’s monetary policy may increase pressure on dollar, while lira could appreciate if financial conditions in Turkey start to improve and foreign investments start to return, which could lead to stronger correction
Res: 30.05; 30.06; 30.10; 30.20.
Sup: 29.67; 29.52; 29.38; 28.82.
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.
