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FxWirePro: USD/TRY rallies to 1-week peak, good to buy on dips

  • The Turkish Lira slumped to a 1-week low, as investors await Central Bank of Turkey's interest rate decision due next week.  
     
  • USD/TRY is trading 0.3 percent up at 5.7670, having hit a high of 5.7685 on Thursday, its highest since November 28. 
     
  • Momentum indicators are bullish - RSI strong at 55.47, MACD supports upside and Stochs are biased higher. 
     
  • Immediate resistance is located at 5.7749, any close above could take it above 5.7812.
     
  • On the downside, support is seen at 5.7429, and break below could take it near 5.7339 (200-DMA).

Recommendation: Good to buy on dips around 5.7506, with stop loss of 5.7429 and target price of 5.7749. 

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