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FxWirePro: USD/TRY near 2-week low, dip till 5.7451 likely 

  • The Turkish Lira rose to an 11-day peak after recording a 1-1/2 month low earlier in the week. 
     
  • USD/TRY is currently trading 0.5 percent down at 5.7781, having hit a low of 5.7579 earlier, its lowest since October 7. 
     
  • Momentum indicators are bearish on hourly charts - RSI weak at 33.39 and MACD support downside.
     
  • Immediate resistance level is located at 5.8299/ 5.8453 (10-DMA), any close above could take it above 5.8812.
     
  • On the downside, support is seen at 5.7451 (55-EMA), and break below could take it near 5.7061.
     

Recommendation: Good to sell on rallies around 5.7930, with stop loss of 5.8281, and target price of 5.7451.

By Lactus Fernandes
  • Market Data
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