USD/TRY continues to oscillate around the 55-day MA - Commerzbank

Analysts at Commerzbank, points out that the USD/TRY pair remains in range-bound above the 2018-19 support line and above the 200 day moving average at 5.1835/5.1710.

Key Quotes: 

“USD/TRY continues to oscillate around the 55 day moving average at 5.3793 while remaining above the 2018-19 support line and the 200 day moving average at 5.1835/5.1710.”

“Further support sits at the November low at 5.1331. If a renewed decline were to be seen, however, the May and mid-July highs at 4.9624/4.9233 would be back in the picture. The currency pair may well stabilise there, though.”

“Minor resistance sits between the 5.5329/5.5423 midOctober low and the November high with further resistance coming in at the current January high at 6.0760. While the cross remains below this level, overall sideways to downside pressure should retain the upper hand.”