Turkish lira remains under strong pressure and falls to two-month low vs dollar
The USDTRY pair is in steep ascend for the fourth straight day and hit new two-month high at 5.9200 on Wednesday.
Bulls are on track for full retracement of 5.9378 / 5.6850 bear-phase, as lira came under increased pressure on rising trade optimism as well as rising political tensions between Turkey and the USA after President Erdogan threatened of expelling NATO military bases from Turkey.
Bullish studies on daily and weekly chart support the advance, but overbought conditions warn that bulls may take a breather on approach to key barriers at 5.9378 (14 Oct high) and 5.9408 (Fibo 61.8% of 6.2445/5.4494 fall).
Broken Fibo 76.4% barrier at 5.8781 should ideally contain dips and keep bulls intact.
Res: 5.9200; 5.9315; 5.9378; 5.9408
Sup: 5.8820; 5.8781; 5.8659; 5.8412