USD/TRY advances to peaks near 3.09

Pablo Piovano FXStreet

The greenback is advancing across the board at the end of the week, this time sending USD/TRY to fresh daily tops near 3.09 the figure.

USD/TRY up on USD gains, steady oil

Increasing demand for the buck is prompting the pair to advance for the second session in a row on Friday, looking to revert the deep pullback seen on Wednesday.

The barrel of Brent crude is up marginally today, currently navigating the mid-$51.00s although failing to lend extra support to the Turkish Lira.

TRY is netting an even week vs. its American peer for the time being, struggling to revert three consecutive weeks with losses while yesterday’s steady stance from the CBRT failed to support bids for the currency.

USD/TRY key levels

At the moment the pair is up 0.83% at 3.0856 facing the next hurdle at 3.1145 (all-time high Oct.18). On the downside, a breakdown of 3.0485 (20-day sma) would expose 3.0320 (low Oct.7) and finally 2.9888 (55-day sma).

1. R3 3.0976
2. R2 3.0867
3. R1 3.0735
PP 3.0626
1. S1 3.0494
2. S2 3.0385
3. S3 3.0253

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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