Free Trial

TECHS: USDTRY All-Time Highs

TURKEY

USDTRY is firmer today and has cleared a host of resistance that have capped gains between April 22 and May 14.

  • Furthermore, the pair has also traded above 8.598, the Jun 11, 2020 high.
  • The break higher confirms a resumption of the broader uptrend and signals scope for a fresh bullish phase and all-time highs.
  • Key resistance levels, using Fibonacci projections, to watch are:
    • RES 1: 8.6271 1.618 proj of the Feb 16 - Mar 9 - Mar 19 price swing
    • RES 2: 8.7565 1.764 proj of the Feb 16 - Mar 9 - Mar 19 price swing
    • RES 3: 8.9657 2.000 proj of the Feb 16 - Mar 9 - Mar 19 price swing
  • Initial firm trend support has been defined at 8.2941, the May 18 low.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.