Karen Jones, analyst at Commerzbank, explains that the USD/TRY is about to overcome the 5.8449 March high with the October 1 low and the October 23 high at 5.8692/5.9068 then being in focus.
“This minor resistance area should also be exceeded with the late August low, 50% retracement and January high at 5.9822/6.0760 then being in the picture.”
“Still further up sits the October peak at 6.2282. Support is seen between the November high, mid-January high and the 200 day moving average at 5.5454/03.”
“Further support below the 55 day moving average at 5.4222 can be spotted at the 5.3044 March low and also between the November and January lows at 5.1625/5.1331.”
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