FxWirePro: Turkish lira falls after lower than expected CPI data
USD/TRY is currently trading at 3.0075 levels. It made intraday high at 3.0087 and low at 2.9988 levels. Intraday bias remains bullish for the moment till the time pair holds key support at 2.9932 levels. Key resistances…
It made intraday high at 3.0087 and low at 2.9988 levels.
Intraday bias remains bullish for the moment till the time pair holds key support at 2.9932 levels.
Key resistances are seen at 3.0112, 3.0268, 3.0392, 3.0675, 3.0749, 3.0921, 3.0967 and 3.1048 levels respectively.
A sustained close below 2.9988 will drag the parity down towards key supports around 2.9905, 2.9771, 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.
Turkey September CPI y/y decreases to 7.28 % vs previous 8.05 %.
Turkey September PPI y/y decreases 1.78 % vs previous 3.03 %.
Turkey September CPI m/m increases to 0.18 % (forecast 0.66 %) vs previous -0.29 %.
Turkey September manufacturing PMI increases to 48.3 vs previous 47.0.
We prefer to go long on USD/TRY around 3.0030, stop loss at 2.9932 and target of 3.0268.
