USD/TRY trades sideways

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Source: Dukascopy Bank SA


Since the drop of the Turkish Lira up to mid-December and the following high volatility, the rate has been trading sideways between two zones. Namely, the rate has been trading between the resistance of the zone that surrounds the 14.0000 mark and the support zone at 12.9300/13.3000. Recently, the 50-day simple moving average has approached the rate and could provide support.

If the simple moving average manages to push the rate up, it could aim at the December high level. However, due to the fundamental nature of the pair, it is more likely that round price levels are set to act as resistance.

However, a decline below the simple moving average and the 12.9300 mark might find support in the 11.5630/12.0000 zone.
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