- The Turkish Lira declined to 3-week low as the greenback rebounded against a basket of currencies.
- On Tuesday, the pair rallied by more than 1 percent despite Turkey's Manufacturing PMI rising to 50.0 in September from 48.0 in the previous month.
- It broke above major resistance at 21-EMA in the prior session and is currently trading above those level.
- USD/TRY is currently trading 0.5 percent up at 5.7464, having hit a low of 5.6367 on Monday, its lowest since August 19.
- RSI is strong at 55.57, MACD supports upside and Stochs are biased higher.
- Immediate resistance level is located at 5.7682, any close above could take it till 5.7913.
- On the downside, support is seen at 5.6999 (55-EMA), and break below could take it near 5.6717.
Recommendation: Good to buy on dips around 5.7207, with stop loss of 5.6999 and target price of 5.7682.
