FxWirePro: Lira weakens as CBRT holds rates, good to buy USD/TRY dips

 

• Turkey's central bank kept its interest rates on hold on Tuesday, ahead of a Nov 1 parliamentary election
  
  
• The bank kept its one-week repo rate at 7.50 percent and the overnight borrowing rate at 7.25 percent
  
  
• The overnight lending rate remained at 10.75 percent, and the primary dealers' overnight borrowing rate at 10.25 percent
  
  
• USD/TRY has been in a consolidation phase since Sept 7th, trading between 3.0690 and 2.9732
  
  
• Techs now turn bullish, daily price action above cloud and Moving Averages confirm bullish bias, Stochs show bullish crossover and RSI biased higher
  
  
• The pair is currently trading at 3.0268, with immediate resistance at 3.0685, and support at 20 DMA by 2.9878
  
  

Recommendation: Good to buy around 3.020/30, SL: 2.9875, TP: 3.0700