FX markets to go on your radar this morningFirst off USD/TRY is heading north again. Following a diplomatic spat, the Turkish Lira has sold off again and we are out of resistance levels. So what can we use?? well you can always draw a trendline and see if there is a useable parallel line to draw. Which there is ! at 10.02 and this coincides nicely with psychological resistance at 10.00 (markets love round numbers). Do not stop there, when a market is out of resistance or support levels try to look at it on its crosses. A popular cross is TRY/ZAR and this is approaching 1.50! another key psychological level. Tighten up those stops in TRY!
What else? EUR/CHF is approaching a pivot going back for years 1.0649/29, again tighten up those stops as we could well see some profit taking.
Last but not least I shall be watching USD/JPY to see if it can lift off the 23.6% retracement at 113.31, we think it can do it! but definitely one to put on your radar...
Good luck for the week!
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