USDTRY – pullback finds footstep ahead of strong daily cloud top / 55SMA supports
The pair stabilizes on Tuesday after two-day pullback dipped to 3.8200 and retraced the biggest part of 3.8073/3.8960 upleg.
Consolidation is so far holding above Monday’s low at 3.8200 with possibility of extending lower.
Strong supports, provided by top of rising thick daily cloud and ascending 55DMA, lay just below, at 3.8090 zone and should ideally contain corrective phase from all-time high at 3.9814.
However, correction on profit-taking on longs from early Sep to late Nov may extend towards next strong support at 3.7548 (Fibo 38.2% of 3.3883/3.9814 upleg, before bulls re-assert, as underlying bull-trend keeps dip-buying as favored strategy for fresh attempts towards psychological 4.0000 barrier.
Res: 3.8516; 3.8677; 3.8874; 3.8943
Sup: 3.8200; 3.8090; 3.8000; 3.7653