Axel Rudolph, Senior Analyst at Commerzbank, notes that USD/TRY’s descent has so far taken it to its current November low at 5.2378, to below the April-to-November 2018 support line, now at 5.4324. Key quotes “2018 support line and the 200 day moving average at 4.9861/4.9739 remaining in focus.” “The next lower May and mid-July highs at 4.9624/4.9233 may also be reached. The currency pair may well stabilise there, however.” “While the cross remains below the four month resistance line at 5.4324 and, more importantly, the mid-August low and late October high as well as the 55 day moving average at 5.6972/5.8692, we will retain our medium term bearish forecast.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US Pres. Trump: Brexit agreement as it stands means UK may not be able to trade with US FX Street 4 years Axel Rudolph, Senior Analyst at Commerzbank, notes that USD/TRY's descent has so far taken it to its current November low at 5.2378, to below the April-to-November 2018 support line, now at 5.4324. Key quotes "2018 support line and the 200 day moving average at 4.9861/4.9739 remaining in focus." "The next lower May and mid-July highs at 4.9624/4.9233 may also be reached. The currency pair may well stabilise there, however." "While the cross remains below the four month resistance line at 5.4324 and, more importantly, the mid-August low and late October high as well as the 55 day moving average at… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
