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FxWirePro: USD/TRY retreats from 18-month peak, dip till 6.4342 likely 

  • 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. 

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