USDTRY hit new record high on acceleration after downbeat Turkish inflation data
Turkish lira spiked to new all-time high at 4.2284 on Thursday, following Turkey’s CPI upside surprise.
Inflation rose by 1.87% m/m in April, overshooting forecast for 1.6% rise, while annualized CPI rose to 10.85% the highest from November last year.
The pair extended strong four-day rally from higher low at 4.0294 (30 Apr), completing 4.1932/4.0040 corrective phase and accelerating higher after stops, parked above psychological 4.20 barrier were triggered.
Bullish techs and sentiment remain supportive for further advance which eyes Fibo projections at: 4.2378 (123.6%); 4.2655 (138.2%) and could stretch towards psychological 4.30 barrier.
Today’s close above former top at 4.1932 and broken 1.20 barrier would generate bullish signal for further advance.
The pair is on track for the best weekly performance since Mid-Oct 2008, which also underpins current action.
Dip-buying remains favored scenario, with rising daily Tenkan-sen offering solid support at 4.1289.
Res: 4.2284; 4.2378; 4.2655; 4.3000
Sup: 4.1932; 4.1552; 4.1286; 4.1000