Sun, Oct 02, 2022 @ 05:56 GMT
HomeContributorsTechnical AnalysisUSDTRY Hit New All-Time High, Psychological Barrier At 4.30 In Immediate Focus

USDTRY Hit New All-Time High, Psychological Barrier At 4.30 In Immediate Focus

The USDTRY pair remains in steep ascend which extends into fifth straight day and hit new all-time high at 4.2897 on Friday. Strong fall of lira is unlikely to stop soon as bears took out easily round-figure barriers (4.20/ / 4.25) which usually act as strong obstacles. In addition, lira’s strong bearish sentiment which was boosted by recent CBRT policy decision and stronger than expected jump in inflation (Thursday) adds to negative outlook. Lira is also on track for huge weekly loss (the biggest weekly fall since mid-Oct 2008) which is expected to heavily weigh on currency’s short-term action. Better than expected US jobs data could boost the greenback and further depress Turkish lira that could result in break above psychological 4.30 barrier. Break through 4.30 would open Fibonacci projections at 4.3101 (161.8%) and 4.3824 (200%), with stronger bullish acceleration expected to bring another strong psychological barrier at 4.50. Bullish daily / weekly techs continue to drive the pair higher, ignoring so far overbought conditions, but some corrective action could be anticipated in coming session.

Res: 4.2897, 4.3000, 4.3101, 4.3824
Sup: 4.2500, 4.2115, 4.1932, 4.1552

Windsor Brokers Ltd
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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