© Dukascopy Bank SA
USD/TRY received very strong bullish momentum in the past few hours of trading, which was provided by the weekly PP and 55-period SMA at 2.7820. As a result, the Greenback erased two successive technical levels, namely weekly R1 and R2 at 2.7982 and 2.8107, respectively. Daily technical studies assume the US Dollar will continue rallying against the Turkish Lira in the nearest future, even though weekly indicators tend to show mixed outlook for the next seven trading days. The next major resistance, which may put a recovery at risk, is represented by monthly R1 at 2.84. Moreover, we should consider the market sentiment, which is heavily bearish at the moment (72%).
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