The USDTRY fell further on Thursday and cracked 200DMA, which marks the upper boundary of key support zone between 5.5893 and 5.5740, consisting of 200DMA and Fibo 61.8% of 5.1595/6.2445 rally. Lira received fresh support from rise in overseas investments and signals that Turkey government plans to double a tax on buying foreign exchange. Daily studies maintain strong bearish momentum that adds to negative near-term outlook. Firm break below 5.5893/5.5740 supports would generate strong bearish signal for extension of downtrend from 6.2445 (2019) towards round-figure 5.50 support, with stronger bearish acceleration to focus next key levels at 5.4156/14 (Fibo 76.4% / weekly cloud base). Falling daily Tenkan-sen (5.7111) should keep the upside protected.
Res: 5.6242, 5.6610, 5.6993, 5.7111
Sup: 5.5893, 5.5740, 5.5000, 5.4709
