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USD/TRY Outlook: Turkish Lira Falls Further On News From CBRT/Stronger Dollar

USDTRY rose to one-week high on Tuesday and is on track to fully retrace a partial recovery from last week’s 8.5015 high.

Lira remains under increased pressure since the most recent shock after President Erdogan replaced the governor of the central bank, with the latest news of removing a CBRT deputy governor, adding to the negative stance.

Fresh advance broke above Fibo 76.4% of 8.5015/7.6868 pullback, looking for retest of Mar 22 peak at 8.5015, violation of which would open way for attack at all-time high at 8.5816 (6 Nov 2020), to complete Nov/Feb 8.5816/6.8951 correction and signal continuation of larger uptrend on a break.

Res: 8.3592, 8.5015, 8.5816, 8.6938.
Sup: 8.3092, 8.1902, 8.0941, 8.0000.