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FxWirePro: USD/TRY declines as CBRT slashes interest rate, intraday bias bearish 

  • The Turkish Lira rallied, drifting closer to a 4-week peak recorded earlier in the week following the Central Bank of the Republic of Turkey's (CBRT) interest rate decision.
     
  • The CBRT slashed its one-week repo auction rate by another 75bps to 11.25 percent during its first policy meeting of 2020, defying market expectations of a 50bps cut.
     
  • USD/TRY is trading 0.1 percent down at 5.8667, having hit a low of 5.8530 on Monday, its lowest since December 17. 
     
  • Momentum indicators are turning bearish - RSI weak at 46.15, MACD supports downside and Stochs are biased lower.
     
  • Immediate resistance is located at 5.9012, any close above could take it above 5.9138 (10-DMA).
     
  • On the downside, support is seen at 5.8530 and break below could take it near 5.8417 (55-EMA).

Recommendation: Good to sell on rallies around 5.8717, with stop loss of 5.8927 and target price of 5.8417. 

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