Slobodan Drvenica
Windsor Brokers
USDTRY
The pair stays in red on Friday following double upside rejection at 3.5183 (Fibo 76.4% of 3.5585/3.3883 downleg / near falling 100SMA) on Wed /Thu and yesterday’s Doji with long upper shadow, signaling formation of reversal pattern.
Fresh weakness of the greenback on geopolitical tensions works in favor of such scenario, as slow stochastic is reversing from o/b territory and generating negative signal.
Dips were so far contained by 200SMA (3.4838) with close below needed to confirm and signal deeper correction of 3.3883/3.5194 upleg and expose its Fibo 38.2% retracement at 3.4693.
The pair may stay in extended consolidation before generating fresh direction signal while 200SMA support holds.
Res: 3.5065; 3.5194; 3.5394; 3.5488
Sup: 3.4838; 3.4693; 3.4590; 3.4384
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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