Published: 2024-04-30T11:22:00.000Z
Chart USD/TRY Update: Turning away from highs - studies under pressure
Senior Technical Strategist
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Anticipated cautious gains have reached 32.6160
Levels | Imp | Comment | Levels | Imp | Comment | |||
R4 | 34.0000 | * | figure | S1 | 32.0000 | * | congestion | |
R3 | 33.0000 | * | figure | S2 | 31.7390 | * | 21 Mar (w) low | |
R2 | 32.6160 | ** | 19 Apr all-time high | S3 | 31.3500 | * | 1-4 Mar break level | |
R1 | 32.5000 | * | congestion | S4 | 31.0000 | * | figure |
Asterisk denotes strength of level
12:10 BST - Anticipated cautious gains have reached 32.6160, where negative daily readings and a tick lower in broader weekly charts have prompted fresh profit-taking and a pullback to congestion support at 32.0000. Consolidation is developing, but downside pressure is increasing, suggesting room for a later break below 32.0000 towards the 31.7390 weekly low of 21 March. A further close beneath here is needed to turn sentiment outright negative and confirm a near-term top in place at 32.6160. Meanwhile, a close above 32.6160, if seen, would turn sentiment outright positive once again and extend dominant gains to fresh highs.