- 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.