FxWirePro: USD/TRY retreats from 6-1/2 week low, faces strong resistance at 7-EMA
Wednesday, May 27, 2020 9:54 AM UTC
- The Turkish Lira eased, retreating from a 6-1/2 week peak hit in the prior session, as the greenback steadied against a basket of currencies.
- The dollar gained amid concern about increased tension in Hong Kong and a seasonal rise in Chinese corporate demand for dollars.
- USD/TRY is trading 0.6 percent higher at 6.7740, having hit a low of 6.6970 the day before, its lowest since April 10.
- On Tuesday, the pair breached 55-EMA to hit a near 7-week low but retraced to close at 6.7290.
- Immediate resistance is located at 6.8075 (7-EMA), any close above could take it above 6.8346.
- On the downside, support is seen at 6.7016 and break below could take it near 6.6840.