Fri, Oct 07, 2022 @ 05:42 GMT
HomeContributorsTechnical AnalysisUSDTRY Outlook: Break Above Psychological 5.00 Barrier Could Extend Towards 5.20 Zone...

USDTRY Outlook: Break Above Psychological 5.00 Barrier Could Extend Towards 5.20 Zone On Weak Turkey’s CPI Data

The USDTRY pair rallies in uncharted territory after strong rally on Wednesday eventually broke above psychological 5.00 barrier and extended higher on Thursday.

Lira was weakened significantly after last month’s CBRT action and entered free fall on US sanctions on Turkey.

Threats of further sanctions that could sour US/Turkey relations keep traders cautious and increase pressure on lira. Turkey’s inflation data are due on Friday, with forecast for 0.9% rise in July (compared by 2.6% rise in June), keeping investors on high alert, on strong fears that inflation has risen much higher that estimated.

Fresh rally pressures barriers at 5.10 (round-figure) and 5.1107 (Fibo 138.2% projection) and could extend towards 5.20 and 5.2240 (Fibo 161.8% projection), as analysts already operate with 5.50 level.

Meanwhile, minor corrections could be expected on overbought daily studies.

Res: 5.0920, 5.1000, 5.1107, 5.2000
Sup: 5.0406, 5.0000, 4.9736, 4.9594

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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