FxWirePro: USD/TRY steadies above 23.6% Fib as Turkey's economic confidence weakens
Friday, March 27, 2020 11:54 AM UTC
- The Turkish Lira eased, drfting further away from a 1-week peak hit in the prior session following downbeat economic confidence index figures.
- Turkey's economic confidence index decreased to 91.8 in March from 97.5 in the previous month, its weakest reading since September last year.
- USD/TRY is trading 0.9 percent higher at 6.4461, having hit a low of 6.3799 the day before, its lowest since March 17.
- Momentum indicators are turning bullish - RSI strong at 63 and Stochs are biased higher.
- Immediate resistance is located at 6.4918, any close above could take it above 6.5036.
- On the downside, support is seen at 6.3751 and break below could take it near 6.3658.