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11 Jun 2018
USD/TRY a test of all-time highs appears unlikely near term – Commerzbank
Axel Rudolph, Senior Analyst at Commerzbank, gives his view on the Turkish currency.
Key Quotes
“USD/TRY is still hovering above the 4.4467 late May low, a slip below which would lead to the May 9 high at 4.3746 being in focus”.
“More significant support comes in between the 55 day moving average and the four month support line at 4.2696/4.2208”.
“Minor resistance comes in around the current June high at 4.6791 with the major resistance level coming in at the 4.9233 May high”.
“We do not expect the higher May high at 4.9233 (according to CQG) to be overcome in the near future, though. Above it sits a major psychological resistance level at the 5.0000”.