Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: Lira weakens as CBRT holds rates, good to buy USD/TRY dips

 

  • Turkey's central bank kept its interest rates on hold on Tuesday, ahead of a Nov 1 parliamentary election

  • The bank kept its one-week repo rate at 7.50 percent and the overnight borrowing rate at 7.25 percent

  • The overnight lending rate remained at 10.75 percent, and the primary dealers' overnight borrowing rate at 10.25 percent

  • USD/TRY has been in a consolidation phase since Sept 7th, trading between 3.0690 and 2.9732

  • Techs now turn bullish, daily price action above cloud and Moving Averages confirm bullish bias, Stochs show bullish crossover and RSI biased higher

  • The pair is currently trading at 3.0268, with immediate resistance at 3.0685, and support at 20 DMA by 2.9878

Recommendation: Good to buy around 3.020/30, SL: 2.9875, TP: 3.0700

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.