USD/TRY seen sidelined below 6.5521 – Commerzbank

Pablo Piovano FXStreet

In opinion of Senior Analyst at Commerzbank Axel Rudolph, the pair is poised to extend the consolidation below the 6.5521 level.

Key Quotes

“USD/TRY is expected to consolidate further below the 6.5521 September 13 high with the 6.0090/5.9822 zone expected to be revisited while 6.5521 caps on a daily chart closing basis. This support area consists of the late August and current September lows”.

“The next lower 5.6972 mid-August low is also likely to be reached”.

“Below the 5.6972 level lie the 55 day moving average, midAugust low and the four month support line at 5.7406/5.6318”.

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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