USDTRY consolidates under new record high; keeps bullish bias
The USDTRY pair eased from last Friday’s fresh all-time high at 4.0359 but maintains firm tone on Monday after corrective easing found support at 3.95 zone, keeping intact initial support at 3.9458 (rising daily Tenkan-sen).
Fresh strength regained previous high at 3.9814, keeping immediate focus at the upside, helped by renewed risk sentiment in the markets.
Lira was driven significantly lower by a mix of several key factors that proved to be very toxic for Turkish currency.
Bullish daily / weekly techs continue to underpin, however, the pair may hold within extended consolidation before bulls continue, awaiting for key data from Turkey which could be a catalyst for fresh action.
First release is due at 03 Apr (CPI) and signal of further rise of already double-digit inflation could put lira under renewed pressure.
Turkish current account for Feb is due one week later and CBRT meeting in the last week of April, will be the key events for lira
Res: 3.9954; 4.0000; 4.0359; 4.0442
Sup: 3.9554; 3.9458; 3.9363; 3.9251