USD/TRY’s advance has taken it to above the October earlier all-time excessive at 9.8610 to its present new all-time excessive at 10.0603. Within the opinion of Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, the pair might attain the 10.6444/11.0400 space.
Upside potential whereas above early November low at 9.4660
“A 261.8% Fibonacci extension taken from the September low and projected greater from the October trough at 10.6444 represents our new upside goal in addition to an hourly 0.01 x three Level & Determine upside goal at 11.0400.”
“Potential slips under the October excessive at 9.8610 might discover minor help on the 9.7685 early November low. Additional minor help is discovered on the 9.6328 late October excessive.”
“Whereas the subsequent decrease early November low at 9.4660 isn’t slipped by means of, upside strain ought to retain the higher hand.”
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