FxWirePro: USD/TRY at its highest since May 2019, good to buy on dips

• The Turkish Lira plunged to a fresh 8-1/2 month low as the dust settled over Central Bank of the Republic of Turkey's monetary policy decision. 
   
• The CBRT slashed its one-week repo auction rate by 50bps to 10.75 percent during its February meeting, as widely expected.
   
• USD/TRY is trading 0.2 percent up at 6.0930, having hit a high of 6.1019 earlier, its highest since May 24. 
   
• Momentum indicators are bullish - RSI strong at 77, MACD supports upside and Stochs are at overbought levels.
   
• Immediate resistance is located at 6.1049, any close above could take it above 6.1085.
   
• On the downside, support is seen at 6.0678 and break below could take it near 6.0560 (5-DMA).

Recommendation: Good to buy on dips around 6.0835, with stop loss of 6.0720 and target price of 6.1049.