USD/TRY Breakout Actuates 6.2446 May 2019 TGT

Intermediate

Persistent hammering of USD/TRY on a mixture of dollar strength and Lira weakness helps bullish players lift prices above the vital make-or-break 76.4% fibonacci level at 6.055. With strategic risks skewed to the topside and the corrective intermediate downtrend coming to an end, key tactical target levels have been activated at 6.1510 and Summer 19 high at 6.2446. Lira has maintained an offer tone as disputes between Turkey and Syria continue to hit the fragile currency; The focus is on whether bulls can sustain their dominance, even as short-term momentum models enter overbought conditions; we favour the upside on ‘dip-plays’ into the 6.055 support level or even the 21-EMA at 6.009 for a penultimate target at 6.2446.

  • TRY/ZAR may provide an effective hedge as the ZAR underperforms the TRY; Above 2.4955 on TRY/ZAR could offer a bullish opportunity.
USDTRY chart

Editor

Akif SH. Din MSTA, CFTe, 2018 Bronwen Wood Memorial Prize Winner, has a solid understanding of global markets, fundamental analysis as well as having a vast amount of knowledge in technical analysi...continued

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