FxWirePro: USD/TRY steadies above 55-EMA, jump till 6.8247 likely
Friday, May 22, 2020 9:56 AM UTC
- The Turkish Lira declined following downbeat tourist arrival data and on broad-based U.S. dollar strength.
- The number of foreigners visiting Turkey tumbled 99.26 percent year-on-year in April, due to the coronavirus pandemic.
- The pair also gained as the dollar index rallied amid an escalation in U.S.-China tensions.
- On Thursday, the Turkey currency nudged higher after the Central Bank of the Republic of Turkey lowered its key interest rate by 50 basis points to 8.25 percent from 8.75 percent, cutting its policy rate for a ninth straight time.
- USD/TRY is trading 0.4 percent up at 6.8100, having hit a low of 6.7493 on Tuesday, its lowest since April 13.
- Immediate resistance is located at 6.8247 (5-DMA), any close above could take it above 6.8546 (7-EMA).
- On the downside, support is seen at 6.7639 and break below could take it near 6.7311 (55-EMA).