Sat, Nov 27, 2021 @ 12:25 GMT
HomeContributorsTechnical AnalysisUSD/TRY Outlook: Lira Lost Traction After Thick Daily Cloud Stopped Rise

USD/TRY Outlook: Lira Lost Traction After Thick Daily Cloud Stopped Rise

The USDTRY advances for the second straight day after the pullback from new record high (8.7536) lost power on approach to thick rising daily cloud (cloud top lays at 8.20), with double failure at 55DMA (8.2781) and subsequent bounce, signaling bear-trap.

Long tails of Fri/Mon daily candles point to strong headwinds that bears faced, as quick recovery retraced over 50% of 8.7536/8.2430 pullback, generating initial signal of an end of corrective phase.

Fresh bullish momentum on daily chart and north-heading RSI/Stochastic support the action which needs break and close above 10DMA (8.5156) and Fibo 61.8% of 8.7536/8.2430 (8.5586) to confirm reversal.

Investors await Fed’s verdict on Wednesday and CBRT policy meeting (the central bank is expected to keep rates unchanged at 19%) for more direction signals.

Res: 8.5586, 8.6000, 8.6331, 8.7000.
Sup: 8.5000, 8.4527, 8.4104, 8.2822.

Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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