USDTRY – break of 4.50 barrier would spark further bullish acceleration
The USDTRY pair continues to move in uncharted territory and hit new record highs on Wednesday, after narrow consolidation preceded fresh acceleration higher.
Bulls are coming closer to psychological 4.50 barrier, violation of which looks very likely and would spark fresh bullish acceleration after triggering a number of stops, parked above.
The lira remains stuck by President Erdogan’s opposition to rate hikes and could depreciate further, as sentiment is very negative and currency’s steep fall so far doesn’t show any signs of fatigue, despite strongly overbought daily/weekly studies.
Break above 4.50 pivot would open 200% Fibo projection at 4.5278 as immediate barrier, but bulls could extend towards 4.5865 (Fibo 238.2% projection) and 4.6228 (Fibo 261.8% projection).
Res: 4.4915; 4.5000; 4.5278; 4.5500
Sup: 4.4750; 4.4691; 4.4328; 4.4104