- The Turkish Lira rallied to 6-week peak following upbeat balance of trade data.
- Turkey's trade deficit rose slightly by 1.2 percent to USD 2.50 billion in August from USD 2.47 billion in the corresponding month of the previous year.
- USD/TRY is currently trading 0.1 percent down at 5.6551, having hit a low of 5.6367 earlier, its lowest since August 19.
- RSI is weak at 44.15, MACD supports downside and Stochs are at oversold level.
- 200-DMA is now acting as major support
- Immediate resistance is located at 5.7012 (55-EMA), any close above could take it till 5.7275.
- On the downside, support is seen at 5.6232 (200-DMA), and break below could take it near 5.5971.
Recommendation: Good to sell on rallies around 5.6530, with stop loss of 5.6826 and target price of 5.6232
