USDTRY – What is next?


USDTRY – What is next?

After the Army Coup attempt in Turkey, USDTRY has jumped up to 3.09, reaching the all-time high level. Despite a lot of people’s expectations of “new highs”, it has been steadily going down, trading at 2.9250 level now.

So what is next for USDTRY?

We believe 2.92 is a very safe spot to open a long position with 2% – 3% upside with a current target of 2.96 – 2.97 level. If it breaks that, we will see a major resistance at 3.00 level. Once it reaches up to our target, we will review our analysis.

This cannot be considered as investment advice!!