Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: Turkish Lira extends gains as investors await CBRT policy meeting 

  • The Turkish Lira surged, extending gains for the third straight session as investors awaited the Central Bank of the Republic of Turkey's (CBRT) interest rate decision.
     
  • The CBRT slashed its one-week repo auction rate by 250bps to 14 percent during its October meeting, followed by a 325bps rate cut in September.
     
  • USD/TRY is trading 0.1 percent down at 5.7942, having hit a high of 5.8182 on Tuesday, its highest since October 22. 
     
  • Momentum indicators are bearish on hourly charts - RSI weak at 36.46, MACD supports downside and Stochs are biased lower.
     
  • Immediate resistance is located at 5.8166, any close above could take it above 5.8281.
     
  • On the downside, support is seen at 5.7809 (7-EMA). and break below could take it near 5.7749.

Recommendation: Good to sell on rallies around 5.7982, with stop loss of 5.8166 and target price of 5.7749.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.