FxWirePro: USD/TRY hits new 1-1/2 year peak, likely to break above 6.7300
Friday, April 3, 2020 10:58 AM UTC
- The Turkish Lira plunged to a fresh 1-1/2 year trough despite efforts by state lenders to flood the market with dollars even as central bank reserves decline
- USD/TRY is trading 1.8 percent higher at 6.7158, having hit a high of 6.7236 earlier, its highest since September 2018.
- On Thursday, the retraced from the recent peak but found strong support at 5-DMA.
- Momentum indicators are bullish, likely to break above 6.7300.
- Immediate resistance is located at 6.7348, any close above could take it above 6.7408.
- On the downside, support is seen at 6.5612 (7-EMA) and break below could take it near 6.5456.