Bulls crack key barriers, signaling further advance
The USDTRY pair extends advance into third straight day and broke above 55DMA (5.6828), penetrating thick daily cloud (base lays at 5.7202) and approaching another pivotal barrier at 5.7531 (Fibo 38.2% of 6.2445/5.4494 descend).
Very strong bullish momentum on daily chart and MA’s in bullish configuration, forming multiple bull-crosses, support the advance.
Daily close above 55DMA will generate bullish signal, which will require justification on close within daily cloud and violation of 5.7531 Fibo barrier.
This would open way for further correction of 6.2445/5.4494 fall and expose targets at 5.8470 (Fibo 50%) and 5.9137 (daily cloud top).
Meanwhile, bulls might be delayed on hesitation under thick daily cloud, with extended consolidation (ideally above 55DMA) to precede final break higher.
Res: 5.7202; 5.7531; 5.7687; 5.8470
Sup: 5.6829; 5.6397; 5.6182; 5.5871