- The Turkish Lira bounced back from an 18-month low as the dollar lost steam after an ascent that left it set for its biggest weekly gain since the 2008 global financial crisis.
- USD/TRY is trading 0.6 percent down at 6.5020, having hit a high of 6.5487 earlier, its highest since September 2018.
- Momentum indicators are bearish on hourly charts - RSI weak at 46 and MACD supports downside.
- Immediate resistance is located at 6.5496, any close above could take it above 6.5583.
- On the downside, support is seen at 6.4342 (5-DMA) and break below could take it near 6.4259 (23.6% Fib).
Recommendation: Good to sell on rallies around 6.5374, with stop loss of 6.5496 and target price of 6.4342.