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USD/TRY Outlook: Lira Accelerates Higher after Taking Out 200DMA Barrier

The Turkish lira regained traction and strengthens further against the US dollar, following break of pivotal 200SMA (7.3643) which held the action in past three weeks.

Lira is also on track for the second straight bullish weekly close and third consecutive bullish month that adds to positive outlook.

Holding lira became attractive to investors due to lower risk in comparison to other assets and high yield that should boost the currency further.

Bulls eye key barriers at 7.2370 (2021 high) and 7.2100 (50% retracement of 2020 rally), clear break of which would open way towards psychological 7.00 barrier and weekly cloud top (6.90).

Res: 7.3220; 7.3643; 7.3920; 7.4000.
Sup: 7.2633; 7.2370; 7.2100; 7.2000.

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