USDTRY hit new record high just under psychological 4.30 barrier; extended wave C could travel towards 4.40
The USDTRY continues to trend higher and posted new all-time high at 4.2997, just ticks below psychological 4.30 barrier, which is currently under strong pressure.
Having in mind that previous round-figure barriers were taken out quickly and without any hesitation, which is quite usual scenario, surge through 4.30 barrier could be expected.
The pair maintains strong bullish sentiment which is accompanied with bullish techs. Momentum is in steep ascend; MA’s in full bullish setup and climbing, while overbought conditions were so far ignored.
The pair holds steep ascend which extends into seventh straight day and marks extended third wave of five-wave sequence from 4.0051 (16 Apr trough).
Today’s fresh extension higher broke above wave’s FE238.2% at 4.2940, with lift above 4.30 handle, to open 4.3202 (FE 261.8%) as the wave is capable of traveling through FE300% (4.3626) for test of next psychological barrier at 4.40.
Session low at 4.26 marks initial support, followed by Monday’s low at 4.2176, with deeper corrective dips expected to remain above broken 4.20 psychological barrier, now reverted to support.
Res: 4.3000; 4.3101; 4.3202; 4.3377
Sup: 4.2600; 4.2360; 4.2176; 4.2000