Trend of the Day: USD/TRY

The Dollar/Turkish Lira pair has broken into fresh multi-month highs. If USD/TRY can close above the 1.7501 on a daily basis, then we could see the 1.7800 and the 1.8000 area in the coming days.

The Dollar/Turkish Lira pair has broken into fresh multi-month highs. If USD/TRY can close above the 1.7501 on a daily basis, then we could see the 1.7800 and the 1.8000 area in the coming days.

On March 9th, USD/TRY took out the 1.8000 handle with relative ease hitting a high of 1.8238 before closing at 1.8036. This volatile pair move 500 pips in 4 days. However, the old cliche goes, “easy come easy go” aptly describes the current USD/TRY rate of 1.7543.

Look for price to pull back to trend line support in the 1.7000 area before attempting to crack 1.8000 a second time.

</p>