USD/TRY surges without resistance

Source: Dukascopy Bank SA


The US Dollar continues to book new high levels against the Turkish Lira. On November 17, the USD/TRY currency exchange rate approached the 10.6000 mark. In general, recently the rate's surge has been exponential, as there appear to be no resistance levels to the pair.

In the case that the surge continues, take into account that round exchange rate levels could provide resistance and cause a consolidation of gains. A consolidation occurred below the 10.0000 and 9.7500/9.8500 levels.

However, the pair could consolidate by declining. A potential target for a decline would be the combination of the 10.0000 mark and 50-four hour period simple moving average.
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