- The Turkish Lira plunged to a 1-week low, as investors await Central Bank of Turkey's interest rate decision due next week.
- USD/TRY is trading 0.2 percent up at 5.7608, having hit a low of 5.7306 on Tuesday, its lowest since November 25.
- Earlier in the day, the pair declined as low as 5.7411, but found strong support at 21-DMA.
- Momentum indicators are bullish - RSI strong at 53.95, MACD supports upside and Stochs are biased higher.
- Immediate resistance is located at 5.7702, any close above could take it above 5.7749.
- On the downside, support is seen at 5.7405 (21-DMA), and break below could take it near 5.7319 (200-DMA).
Recommendation: Good to buy on dips around 5.7475, with stop loss of 5.7405 and target price of 5.7702.