FxWirePro: USD/TRY advances to 7-week peak, intraday bias bullish

• The Turkish Lira slumped to a 7 week low, as investors await Turkey October current account figures.
   
• Turkey’s current account surplus rose to USD 2.48 billion in September from USD 1.88 billion in the same month of the previous year, beating expectations of a USD 2 billion surplus. 
   
• USD/TRY is trading 0.1 percent up at 5.8141, having hit a high of 5.8182 earlier, its highest since October 22. 
   
• Momentum indicators are bullish - RSI strong at 64.11, MACD supports upside and Stochs are at overbought levels.
   
• Immediate resistance is located at 5.8241, any close above could take it above 5.8446.
   
• On the downside, support is seen at 5.7897, and break below could take it near 5.7648 (7-EMA).

Recommendation: Good to buy on dips around 5.8097, with stop loss of 5.7947 and target price of 5.8241.