USDTRY takes a breather after Friday’s 2.35% advance; bulls eye all-time high at 3.9414
Turkish lira is taking a breather on Monday after falling sharply last Friday on solid US jobs data, when lira was down 2.35% for the day against the US dollar.
Additional relief for lira comes from Turkish central bank’s decision to provide $1.4 billion liquidity to banks.
However, current lira’s strength could be seen as consolidation before final push towards all-time low at 3.9414 (11 Jan) and possible extension towards psychological 4.00 barrier in the short-term.
Rising 10SMA (currently at 3.8030) should ideally contain extended dips and keep the downside protected.
Res: 3.8891; 3.9100; 3.9414; 3.9500
Sup: 3.8507; 3.8264; 3.8030; 3.7653