Published: 2024-03-28T12:17:56.000Z
Chart USD/TRY Update: Cautious trade to give way to further gains
Senior Technical Strategist
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Cautious trade has given way to a bounce from the 31.7390 weekly low of 21 March
| Levels | Imp | Comment | Levels | Imp | Comment | |||
| R4 | 36.0000 | * | figure | S1 | 32.0000 | * | figure | |
| R3 | 35.0000 | * | figure | S2 | 31.7390 | * | 21 Mar (w) low | |
| R2 | 34.0000 | * | figure | S3 | 31.0000 | * | figure | |
| R1 | 33.0000 | * | figure | S4 | 30.2965 | 2 Feb (m) low |
Asterisk denotes strength of level
12:10 GMT - Cautious trade has given way to a bounce from the 31.7390 weekly low of 21 March, with prices extending gains above 32.0000. Overbought weekly stochastics are unwinding, suggesting fresh reactions around here. However, monthly charts continue to strengthen, pointing to room for still further gains in the coming weeks towards 33.0000. Meanwhile, a close below 31.7390 would turn sentiment cautiously negative and prompt a pullback towards 31.0000.