- The Turkish Lira declined, halting a 2-day losing streak on mixed GDP growth rate.
- Turkey's Gross Domestic Product (GDP) expanded 0.40 percent in the third quarter after rising 1 percent in the previous quarter.
- However, on an annual basis, the Turkish economy grew by 0.9 percent in the third quarter, rebounding from a revised 1.6 percent contraction in the previous three-month period and compared with market expectations of 1 percent growth
- USD/TRY is currently trading 0.3 percent up at 5.7557, having hit a low of 5.7347 earlier, its lowest since November 25.
- Momentum indicators are bullish - RSI strong at 39.82, MACD supports upside and Stochs are biased higher.
- Immediate resistance level is located at 5.7621, any close above could take it above 5.7701.
- On the downside, support is seen at 5.7298 (10-DMA), and break below could take it near 5.7253 (200-DMA).
Recommendation: Good to buy on dips around 5.7423, with stop loss of 5.7298, and target price of 5.7621.
