FxWirePro: USD/TRY hovers towards 2-week peak, major resistance at 21-EMA
Monday, June 1, 2020 10:58 AM UTC
- The Turkish Lira nudged down, hovering towards a near 2-week low hit last week despite the release of better-than-expected manufacturing PMI.
- The Istanbul Chamber of Industry Turkey Manufacturing PMI rose to 40.9 in May from an all-time low of 33.4 in the previous month.
- On Friday, the pair hit a 1-1/2 week peak, but found strong resistance at 21-EMA and retraced to close lower at 6.8048.
- USD/TRY is trading 0.1 percent higher at 6.8179, having hit a low of 6.6970 on Tuesday, its lowest since April 10.
- Immediate resistance is located at 6.8554 (21-EMA), any close above could take it above 6.8740.
- On the downside, support is seen at 6.7808 and break below could take it near 6.7493.