USD/TRY Bulls keep eyes on 14.00 - 15.80 | But when ? USD/TRY yesterday remains range-bound near $12.40 heading into Monday’s European session.
The Turkish lira (TRY) pair snapped a two-day downtrend the previous day while staying past a weekly ascending support line.
Given the MACD line teasing bullish cross, as the quote remains above the short-term rising support line, USD/TRY buyers are likely to aim for the one-week-old horizontal resistance near $12.70.
Following that, the $13.00 threshold may offer an intermediate halt during the run-up to the recently flashed record top of $13.49.
Meanwhile, a downside break of the aforementioned support line near $12.30 will aim for a 50% Fibonacci retracement (Fibo.) level of the November 18-23 rally, around $12.00.
During the USD/TRY weakness below the $12.00 threshold, the previous resistance line from November 23 and 61.8% Fibo., respectively around $11.80 and $11.60, will challenge the bears before October’s peak of $9.85.
USD/TRY today advances for the third session in a row at the beginning of the week and trades at shouting distance from last week’s all-time highs past 13.0000 the figure ((November 24).
The lira depreciates further on Monday in response to earlier comments by President Erdogan, who once again reiterated its firm opposition to interest rate hikes and sustained his (particular) view that interest rates generate inflation. Erdogan suggested that inflation could grind lower before the election in 2023 and added that the recent high volatility in the exchange rate is decoupled from economic fundamentals.
Further selling pressure in the lira came after Turkey’s Economic Confidence Index eased to 99.30 in November (from 101.40). Additional data saw the trade deficit shrinking to $1.44B in October.
key levels:
So far, the pair is gaining 4.19% at 12.7578 and a drop below 11.5451 (low November 24) would expose 10.7007 (20-day SMA) and then 9.6361 (55-day SMA). On the other hand, the next up barrier lines up at 13.1105 (all-time high Nov.24) followed by 14.0000 (round level).
-USD/TRY starts the week on a positive footing.
-Turkey’s Economic Confidence dropped to 99.30.
-President Erdogan defended once again the low-rate policy.
USDTRY can be a profitable investment option. USD/TRY rate equal to 13.0648 at 2021-11-30 (today's range: 12.0455 - 13.0658). ... With a 2-year investment, the revenue is expected to be around +23.60%.
Buy & Hold | +ROI
Investment Suggestion: LONG-TERM
Holding Duration : Min 2 yeasrs
Probability: 74%
Target: 14.0000-15.8000
INVT Fundamental Report: POSITIVE
INVT Technical Report: POSITIVE
INVT News Report: POSITIVE
- SELLING PRESSURE PRICE 13.0000 - 13.0700
- FAIR BUYING PRICE 12.0000 - 12.3000
- Our option for #USDTRY is LONG TERM HOLDING.
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| Review and analysis by Samadi.Finance |
