Forex - Chart USD/TRY Update: A close above the March highs will confirm a significant rally


 13:44 (GMT) 12 Apr

  [Forex Charts]

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Chart USD/TRY Update: A close above the March highs will confirm a significant rally (0101-KQKX-C01)

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Asterisk denotes strength of level

14:30 BST - The late March rally is extending, with focus now on critical resistance at the 5.8440 same month high. Short-term reactions are possible around here, as overbought intraday studies unwind, before rising daily and weekly studies prompt fresh buying. A later break will confirm a more significant multi-week rally and a correction of the 2018 bear trend. Support is raised to the 5.7300 break level and congestion around 5.7000. A close beneath here will delay higher levels and prompt a cautious downgrade.


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