USDTRY – retest of all-time high remains in play
The pair holds firm tone after shallow correction from 3.90 was completed and fresh rally spiked at 3.9103 on Tuesday.
Today’s action shows hesitation at 3.90 but the price remains well above rising 10SMA (3.8617) which tracks the advance from mid-September.
Scope for final push towards all-time high at 3.9414 exists as daily techs are in firm bullish setup and weekly studies maintain strong bullish momentum despite last week’s close in red which was seen as a breather of steep two-month uptrend.
Conversely, initial bearish signal would be expected on close below 10SMA while extension below 3.8387 (pullback’s low) would signal deeper correction.
Res: 3.9000; 3.9103; 3.9414; 3.9500
Sup: 3.8725; 3.8617; 3.8525; 3.8387