USD/TRY burst higher to around the 78.6% Fibonacci retracement at 8.2200 before coming off again. A rise above 8.2822 would target the November peak at 8.5814, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.
See: USD/TRY to reach new all-time highs in the days ahead – TDS
Key quotes
“While no rise above the 8.2822 current March high is seen, volatile range trading between this high and the March 8 high at 7.7881 is likely to ensue. The November low and January high at 7.5439/7.5195 may also be revisited. Further down lie the January low at 7.2417 and the current March low at 7.1916 as well as the February trough at 6.8925.”
“A rise above 8.2822 would target the November peak at 8.5814.”
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