FxWirePro: USD/TRY near 7-week peak on downbeat economic data, good to buy on dips

• The Turkish Lira plunged to a near 7-week low following downbeat unemployment data.
   
• Turkey's unemployment rate increased to 13.8 percent in September from 11.4 percent in the same month of the previous year.
   
• Separate data showed, retail sales decreased 0.20 percent in October over the previous month, while it rose 5.9 percent year-on-year in October, following an upwardly revised 3.1 percent gain in the previous month.
   
• USD/TRY is trading 0.7 percent up at 5.8431, having hit a high of 5.8494 earlier, its highest since October 22. 
   
• Last week, the pair declined to a 1-week low, but found strong support at 21-EMA. 
   
• Momentum indicators are bullish - RSI strong at 67.39, MACD supports upside and Stochs are biased higher.
   
• Immediate resistance is located at 5.8595, any close above could take it above 5.8755.
   
• On the downside, support is seen at 5.7747 (10-DMA). and break below could take it near 5.7660 (21-EMA).

Recommendation: Good to buy on dips around 5.8079, with stop loss of 5.7876 and target price of 5.8595.