Turkish lira continues to trend higher against the dollar after starting the week with gap-higher opening and being on track for strong bullish weekly close.
Weaker dollar and positive economic environment boosted lira which is attacking key support at 3.5555 (23 Feb trough) which lies near another pivot at 3.5489 (Fibo 38.2% of 2.9137/3.9416 Aug-Jan rally). Break here would generate strong bearish signal for extension of pullback from fresh record high at 3.9416 (11 Jan peak) and expose targets at 3.5159 (weekly Kijun-sen) and psychological 3.5000 support. Pair’s session high at 3.5800 and former low of 27 Mar at 3.5850 mark initial resistances, followed by 3.6000 (round-figure barrier) and week’s high at 3.6245.
Res: 3.5660, 3.5800, 3.5850, 3.6000
Sup: 3.5555, 3.5489, 3.5301, 3.5159
