FxWirePro: USD/TRY advances towards 1-1/2 year peak, finds supports at 7-EMA
The Turkish Lira declined, hovering towards a 1-1/2 year low hit last week. On Friday, the pair retreated nearly 1.5 percent from recent peaks but trimmed losses to close almost flat at 6.9187. The Turkish currency decli…
The Turkish Lira declined, hovering towards a 1-1/2 year low hit last week.
On Friday, the pair retreated nearly 1.5 percent from recent peaks but trimmed losses to close almost flat at 6.9187.
The Turkish currency declined on news that Turkey had overtaken China as the country with the most coronavirus infections outside of the United States and Europe, recording 86,306 cases, with 2,017 deaths.
USD/TRY is trading 0.4 percent higher at 6.9437, having hit a high of 6.9555 on Thursday, its highest since August 2018.
Immediate resistance is located at 6.9571, any close above could take it above 6.9788.
On the downside, support is seen at 6.8652 and break below could take it near 6.8264 (38.2% Fib).
Recommendation: Good to buy on dips around 6.9227, with stop loss of 6.9010 and target price of 6.9571.
