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USD/TRY At Key Crossroads, Capped by Robust Resistance

TURKEY
  • USD/TRY trades a fraction lower at the open, having failed to breach 7.35 lateral support and the lower support line of the ascending triangle pattern on the daily chart – keeping the near-term uptrend intact.
  • USD/TRY price action has remained very choppy this week, as bulls and bears fight for dominance in the cross.
  • Turkey's covid situation continues to improve, brightening prospects for its tourist season.
  • However, deteriorating international relations continue to be a key hurdle as frictions between Turkey and the EU & US appear to be on the rise.
  • Topside resistance in the 8.44-8.52 zone has proven extremely sticky in the past few weeks, complimented by well-timed dollar weakness.
  • A close below 8.30 would ultimately break the near-term uptrend.
  • Intraday Sup1: 8.3456, Sup2: 8.3319, Res1: 8.3984, Res2: 8.4397


MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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