Slobodan Drvenica
Windsor Brokers
USD/TRY
USDTRY breached psychological 30 barrier and hit new record high on Thursday, extending gains between two full figures (29 and 30) in less than a month.
Steady and slow-paced ascend, interrupted by minor corrections, suggest that bigger gains are possible.
Once the break of 30 pivot is verified, bulls will shift focus towards next targets at 30.0575 (Fibo projection) and 30.10 (round figure).
Overbought technical studies so far did not cause any stronger impact on bulls, with fundamentals likely to play a key role in the near future.
Change of expectations for Fed’s monetary policy may increase pressure on dollar, while lira could appreciate if financial conditions in Turkey start to improve and foreign investments start to return, which could lead to stronger correction
Res: 30.05; 30.06; 30.10; 30.20.
Sup: 29.67; 29.52; 29.38; 28.82.
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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