FxWirePro: USD/TRY eases to 4-week trough, intraday bias bearish

• The Turkish Lira rallied to a 4-week peak following upbeat auto production data.
   
• Turkey's auto production rose at an annualized rate of 10.3 percent in December from 5.5 percent in November. 
   
• However, the upside in the Turkish currency appears limited as current account posted a USD 0.52 billion deficit in November, worse than market expectations of a USD 0.42 billion gap. 
   
• USD/TRY is trading 0.3 percent down at 5.8562, having hit a low of 5.8530 earlier, its lowest since December 17. 
   
• Momentum indicators are bearish - RSI weak at 43.94, MACD supports downside and Stochs are at oversold levels.
   
• Immediate resistance is located at 5.8991 (21-EMA), any close above could take it above 5.9132 (7-EMA).
   
• On the downside, support is seen at 5.8380 (55-EMA) and break below could take it near 5.8230.

Recommendation: Good to sell on rallies around 5.8720, with stop loss of 5.8991 and target price of 5.8380.