- The Turkish Lira eased, halting a 6-day rally despite better-than-expected manufacturing PMI.
- Turkey's manufacturing PMI rose to 50.0 in September from 48.0 in the previous month, indicating stabilisation of the health of the sector after 17 straight months of contraction.
- On Monday, the pair fell to a 6-week low but found major support at 200-DMA
- USD/TRY is currently trading 0.6 percent up at 5.6840, having hit a low of 5.6367 the day before, its lowest since August 19.
- Stochs are biased higher. Immediate resistance is seen at 21-EMA.
- Next resistance level is located at 5.6992 (55-EMA), any close above could take it till 5.7275.
- On the downside, support is seen at 5.6251 (200-DMA), and break below could take it near 5.5971.
Recommendation: Good to buy on dips around 5.6484, with stop loss of 5.6251 and target price of 5.7114.
