Senior Analyst at Commerzbank Axel Rudolph noted the pair could be headed towards the 4.4595/4.4467 area.
Key Quotes
“USD/TRY remains below its 4.9233 May high and is drifting towards the 4.4595/4.4467 late May and June lows which are expected to soon give way”.
“In this case the May 9 high at 4.3746 will be in focus”.
“Failure at this level would push the five month support line at 4.3484 to the fore. Further down the April and the May 10 lows can be spotted at 4.2210/4.1930″.
“Minor resistance sits between the 4.7234/4.7752 June and current July highs. Together with the 423.5% Fibonacci extension at 4.7871 we expect this area to cap, if retested at all that is”.
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