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Free AccessUSD/TRY Fails To Break Near-Term Uptrend, Retraces 50% of Monday's Move Lower
- USD/TRY failed to move below trendline support coming from the lower bound of the ascending triangle pattern drawn on the daily chart, keeping the pattern intact for now.
- Price action has retraced 50% of the restrictions easing push lower on Monday, going broadly against the trend of dollar weakness.
- US comments condemning "anti-Semitic comments" from Turkey will be another source of friction for US-Turkey ties, which remain fairly weak in their present form.
- Focus today shifts to the FOMC minutes this evening as markets continue to grapple with concerns over inflationary pressures and noisy data in the US.
- USD/TRY still needs to see a consolidated break below 8.3006 to cement the next downleg, otherwise the top of the flat sided triangle patter will likely be retested at 8.47-8.5127.
- Intraday Sup1: 8.3319, Sup2: 8.3006, Res1: 8.3984, Res2: 8.439
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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.