USDTRY – bears pressure key daily cloud base support
The pair ticked higher on Friday on slightly firmer dollar but remains under strong pressure and on track for the third straight bearish weekly close.
Pullback from record high at 3.9814 broke into thick daily cloud on 22 Dec and extended weakness to 3.7377, the lowest since 25 Oct.
Bears broke through Fibo supports at 3.7612 (Fibo 61.8% of 3.6251/3.9814) and 3.7548 (Fibo 38.2% of 3.3883/3.9814 ascend), pressuring next key point at 3.7233 (daily cloud base), clear break of which would generate another strong bearish signal for extension towards 3.6930 (100SMA).
Technical studies in bearish setup support further weakness, with release of US jobs data, expected for fresh signals.
Falling 10SMA which tracks descend since early Dec, offers initial resistance at 3.7835, followed by descending 20SMA at 3.8050.
Res: 3.7594; 3.7835; 3.8050; 3.8453
Sup: 3.7377; 3.7233; 3.7092; 3.6930