• FxWirePro: Turkish Lira trades marginally higher against U.S. Dollar, bias remains bearish

    Source: FxWire Pro - Technicals / 22 May 2018 04:23:06   America/New_York

    • USD/TRY is currently trading at 4.5470 levels.
    • It made intraday high at 4.5891 and low at 4.5448 levels.
    • Intraday bias remains slightly bearish for the moment.
    • Key resistances are seen at 4.5726, 4.5985, 4.6220 and 4.6448 marks respectively.
    • On the other side, A sustained close below 4.5726 will drag the parity down towards key supports around 4.5220, 4.5001, 4.4875, 4.4427 and 4.40 marks respectively.
    • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

    We prefer to go short on USD/TRY around 4.5500, stop loss at 4.6000 and target of 4.4875.

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