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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”.