Dollar Gain Versus Lira Faces Challenge From Converging Averages
(Bloomberg) -- The dollar faces a fresh challenge on the charts after concluding its first monthly drop against the lira in six months.
The dollar-lira pair has found support in the past week at the base of the ichimoku cloud, which is at 3.6000 today, with the converging 21- and 55-day moving averages acting as resistance.
A bearish close today below the area of moving averages may herald further dollar weakness, sending the greenback toward support at 3.5561, its low on Feb. 23, and then the 100-DMA at 3.4892.
A drop in the 21-day moving average below the 55-day average would also reinforce the dollar's downtrend.
The dollar fell 3.4 percent against the lira in February after rallying almost 28 percent in the five months earlier.
NOTE: Sejul Gokal is a FX strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.
To contact the reporter on this story: Sejul Gokal in London at sgokal1@bloomberg.net.
To contact the editor responsible for this story: Ven Ram at vram1@bloomberg.net.
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