USD/TRY to range trade further between 5.84 and 5.13 - Commerzbank

Analysts at Commerzbank, point out the USD/TRY pair has stabilizsed above the 2018-2019 uptrendline at 5.3332 and they expected it to continue to trade in the range between the March high at 5.8449 and the November low at 5.1331.

Key Quotes: 

“USD/TRY continues to oscillate around the 200 day moving average at 5.4879 but is expected to remain within its 5.8449/5.1331 November-to-March boundaries. Slightly above the 5.8449 March high sits the 5.8692/5.9068 resistance area, made up of the early October low and the late October high.”

“Above the 5.8692/5.9068 resistance area sit the January spike high at 6.0760 and also the October peak at 6.2282. Support comes in between the 55 day moving average and the late March low at 5.3601/5.3044. Further, more significant, support is seen between the November and January lows at 5.1625/5.1331.”