USDTRY – bulls probe above 4.00 again after shallow correction
The USDTRY moved higher after shallow correction from new all-time high was contained by rising daily Tenkan-sen at 3.9550 zone. Fresh acceleration higher probes above psychological 4.00 barrier and looks for retest of last week’s record high at 4.0359, with scope for further advance on monthly close above previous record high at 3.9814. Firmly bullish daily / weekly techs are supportive, however overbought conditions warn of further consolidation before bulls resume. US GDP data today could further accelerate the greenback on upbeat results, with next week’s release of Turkey’s CPI data seen as key event for lira. Bulls could extend towards Fibo 138.2% projection at 4.0830 and psychological 4.10 barrier on firm break above fresh high at 4.0359.