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FxWirePro: USD/TRY off 3-1/2 week trough, major support at 200-DMA

  • The Turkish Lira retreated from a 3-1/2 week peak after data showed Turkey industrial production fell 1.2 percent from a year earlier in July, following a revised 3.7 percent decline in the previous month
     
  • On Thursday, the Turkish currency rallied to multi-week highs following the Central Bank of Turkey's interest rate decision.
     
  • The Central Bank of the Republic of Turkey (CBRT) lowered its one-week repo auction rate by 325bps to 16.50 percent during its September meeting, against market expectations of a 250bps cut.
     
  • USD/TRY is currently trading 0.5 percent up at 5.6804, having hit a low of 5.6468 earlier, its lowest since August 20. 
     
  • Stochs indicate bullish crossover and are on the verge to roll over from oversold levels. 
     
  • MACD support downside and RSI is weak at 46.62.
     
  • Immediate resistance is located at 5.7057 (55-DMA) / 5.7339 (10-DMA), break above could take it till 5.7913 (September 11 High). 
     
  • On the downside, support is seen at 5.6032 (200-DMA), any break below could take it near 5.5344 (August 16 Low).
     

Recommendation: Good to buy on dips around 5.6484, with stop loss of 5.6247 and target price of 5.7057 

By Lactus Fernandes
  • Market Data
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