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“USD/TRY is about to overcome the 5.8449/5.8525 March and current April highs with the October 1 low and the October 23 high at 5.8692/5.9068 remaining in focus,” Commerzbank analyst Axel Rudolph says in the bank’s latest ‘Emerging Markets Weekly Technical Outlook’ report.

Key quotes

“This minor resistance area should also be exceeded with the late August low, 50% retracement and January high at 5.9822/6.0760 then being in the picture. Still further up sits the October peak at 6.2282.”

“Support remains to be seen between the November 9 high, mid-January high and the 200 day moving average at 5.5698/5.5423.”

“Further support below the 55 day moving average at 5.4850 can be spotted at the 5.3044 March low and also between the November and January lows at 5.1625/5.1331.”