Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/TRY hits fresh 8-1/2 month peak, jump till 6.0773 likely 

  • The Turkish Lira slumped to a fresh 8-1/2 month low as investors cautiously awaited Central Bank of the Republic of Turkey's monetary policy decision. 
     
  • The CBRT slashed its one-week repo auction rate by another 75bps to 11.25 percent during its first policy meeting of 2020, defying market expectations of a 50bps cut. 
     
  • USD/TRY is trading 0.3 percent up at 6.0646, having hit a high of 6.0719 earlier, its highest since May 28. 
     
  • Momentum indicators are bullish - RSI strong at 73, MACD supports upside and Stochs are at overbought levels.
     
  • Immediate resistance is located at 6.0773, any close above could take it above 6.0808.
     
  • On the downside, support is seen at 6.0296 (7-EMA) and break below could take it near 6.0241.

Recommendation: Good to buy on dips around 6.0481, with stop loss of 6.0361 and target price of 6.0773. 

  • Market Data
Close

Welcome to EconoTimes

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