FxWirePro: Turkish Lira hovers towards 7-week low following downbeat current account balance
The Turkish Lira eased, hovering towards a 7-week low hit in the previous session following downbeat October current account figures. Turkey’s current account surplus declined to USD 1.55 billion in October from USD 2.64…
The Turkish Lira eased, hovering towards a 7-week low hit in the previous session following downbeat October current account figures.
Turkey’s current account surplus declined to USD 1.55 billion in October from USD 2.64 billion in the same month of the previous year, below expectations of a USD 1.65 billion surplus and the smallest surplus since July.
USD/TRY is trading 0.05 percent up at 5.8074, having hit a high of 5.8182 on Tuesday, its highest since October 22.
Momentum indicators are bullish - RSI strong at 62.65, MACD supports upside and Stochs are at overbought levels
Immediate resistance is located at 5.8281, any close above could take it above 5.8343.
On the downside, support is seen at 5.7900, and break below could take it near 5.7753 (5-DMA).
Recommendation: Good to buy on dips around 5.8097, with stop loss of 5.7900 and target price of 5.8281.
