FxWirePro: USD/TRY finds strong support at 200-DMA, good to buy on dips
The Turkish Lira declined, extending losses for the third straight session as investors digested yesterday's mixed economic data. Turkey's annual inflation rate increased to 10.56 percent in November from 8.55 percent in…
The Turkish Lira declined, extending losses for the third straight session as investors digested yesterday's mixed economic data.
Turkey's annual inflation rate increased to 10.56 percent in November from 8.55 percent in the previous month, but slightly below expectations of 11 percent.
USD/TRY is trading 0.1 percent up at 5.7447, having hit a low of 5.7306 on Tuesday, its lowest since November 25.
On Tuesday, the pair tumbled to a 1-week low but found strong support at 200-DMA.
Momentum indicators are bullish - RSI strong at 50.07, MACD supports upside and Stochs indicate a bullish crossover.
Immediate resistance level is located at 5.7584, any close above could take it above 5.7621.
On the downside, support is seen at 5.7347 (10-DMA), and break below could take it near 5.7297 (200-DMA).
Recommendation: Good to buy on dips around 5.7408, with stop loss of 5.7347, and target price of 5.7621.
