The Turkish Lira surged, extending gains for the third straight session as investors awaited the Central Bank of the Republic of Turkey's (CBRT) interest rate decision. The CBRT slashed its one-week repo auction rate by …
The Turkish Lira surged, extending gains for the third straight session as investors awaited the Central Bank of the Republic of Turkey's (CBRT) interest rate decision.
The CBRT slashed its one-week repo auction rate by 250bps to 14 percent during its October meeting, followed by a 325bps rate cut in September.
USD/TRY is trading 0.1 percent down at 5.7942, having hit a high of 5.8182 on Tuesday, its highest since October 22.
Momentum indicators are bearish on hourly charts - RSI weak at 36.46, MACD supports downside and Stochs are biased lower.
Immediate resistance is located at 5.8166, any close above could take it above 5.8281.
On the downside, support is seen at 5.7809 (7-EMA). and break below could take it near 5.7749.
Recommendation: Good to sell on rallies around 5.7982, with stop loss of 5.8166 and target price of 5.7749.
