- The Turkish Lira eased, halting a 4-day rally following soft economic confidence index reading.
- Turkey's economic confidence index declined to 86 in September from 87.1 in the previous month but just above forecast of 85.9.
- USD/TRY is currently trading 0.2 percent up at 5.6721, having hit a low of 5.6504 the day before, its lowest since September 13.
- Stochs indicate a bullish crossover and are likely to roll over from oversold level.
- RSI is weak at 46.41 and MACD supports downside
- 21-EMA is now acting as major resistance.
- Immediate resistance is located at 5.7027 (21-EMA), any close above could take it till 5.7210 (21-DMA).
- On the downside, support is seen at 5.6468 (September 5 Low), and break below could take it near 5.6213 (200-DMA).
Recommendation: Good to buy on dips around 5.6630, with stop loss of 5.6537 and target price of 5.7027.
