USD/TRY outlook: Fresh advance after a shallow correction reclaims 33 mark

Slobodan Drvenica Windsor Brokers

USD/TRY

USDTRY- fresh advance after a shallow correction reclaims 33 mark and comes close to new record high at 33.13, posted on June 25.

Lira remains under strong pressure, mainly due to high inflation (over 70%) and big trade deficit, with sharp rise in borrowing cost by CBRT in recent months (currently at 50%) so far unable to shore up weakening Turkish currency.

Technical studies are firmly bullish on all larger timeframes, with shallow corrections expected to precede fresh rallies, as long as fundamentals remain negative for lira.

Moves into uncharted territory to expose targets marked by Fibo projections at 33.29, 33.38 and 33.54.

Res: 33.00; 33.13; 33.29; 33.38.
Sup: 32.85; 32.77; 32.62; 32.46.

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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