FxWirePro: USD/TRY declines to 6-week trough on Turkey's balance of trade figures, major support at 200-DMA
The Turkish Lira rallied to 6-week peak following upbeat balance of trade data. Turkey's trade deficit rose slightly by 1.2 percent to USD 2.50 billion in August from USD 2.47 billion in the corresponding month of the pr…
The Turkish Lira rallied to 6-week peak following upbeat balance of trade data.
Turkey's trade deficit rose slightly by 1.2 percent to USD 2.50 billion in August from USD 2.47 billion in the corresponding month of the previous year.
USD/TRY is currently trading 0.1 percent down at 5.6551, having hit a low of 5.6367 earlier, its lowest since August 19.
RSI is weak at 44.15, MACD supports downside and Stochs are at oversold level.
200-DMA is now acting as major support
Immediate resistance is located at 5.7012 (55-EMA), any close above could take it till 5.7275.
On the downside, support is seen at 5.6232 (200-DMA), and break below could take it near 5.5971.
Recommendation: Good to sell on rallies around 5.6530, with stop loss of 5.6826 and target price of 5.6232
