FxWirePro: Turkish lira falls after Deputy PM Simsek’s comments

• USD/TRY is currently trading at 2.9916 levels.
   
• It made intraday high at 2.9930 and low at 2.9771 levels.
   
• Intraday bias remains bullish for the moment till the tie pair holds key support at 2.9663 levels.  
   
• Key resistances are seen at 2.9977, 3.0085, 3.0268, 3.0392, 3.0675, 3.0749, 3.0921, 3.0967 and 3.1048 levels respectively.
   
• A sustained close below 2.9663 will drag the parity down towards key supports around 2.9649, 2.9491, 2.9314, 2.9207, 2.9178, 2.9015 and 2.8847 thereafter.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• Turkish deputy PM Simsek sees possible impact on manufacturing sector's borrowing costs after rating downgrade.
   
• Turkish deputy PM Simsek says Moody's downgrade was priced in, impact was 'extremely limited'.
   
• Simsek sees Moody's downgrade as serious matter, pledges 'intense efforts' to lift Turkey's rating.
   
• Simsek says Turkey will try to keep effects of downgrade on manufacturing, growth and credit costs at 'reasonable levels'.
   
• Turkey has seen degradation of its international image in recent years, but in reality is stronger than perceptions – Simsek.
   
• Turkey will respond to ratings decisions by overcoming its deficiencies, resolving fundamental structural problems, deputy PM Simsek says.

We prefer to go long on USD/TRY around 2.99, stop loss at 2.9663 and target of 3.0114/3.0268.