FxGrow Daily Technical Analysis – 16th Sept, 2015
By FxGrow Research & Analysis Team
USDTRY - level 3.0000 may cause a correction?
An interesting situation on USDTRY (US dollar to Turkish lira). Price is in impressive upward trend since 2010. At the beginning of September level of 3.00000 was broke above and many investors became interested. Because since two years, there wasn't a bigger correction. For now, at such a strong uptrend short positions would be risky, but USDTRY is worth of attention.
The nearest resistance is at 3.07000. Close support is 3.00000, and after it has been broken below the next support level is on 2.90000. The second support also reinforces the 38,2% Fibonacci retracement of last upward move. However only break below the next support which means fall below the 2.80000 will be a warning of USDTRY deeper correction. The last pointed level is also the 61,8% Fibonacci retracement of last upward move.
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Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.