FxWirePro: USD/TRY firms below 1-1/2 year peak, outlook remains bullish
The Turkish Lira declined, hovering towards a 1-1/2 year low hit last week and pushing against a key resistance point at 7 per dollar. Turkey’s central bank has used up billions of dollars of its foreign currency reserve…
The Turkish Lira declined, hovering towards a 1-1/2 year low hit last week and pushing against a key resistance point at 7 per dollar.
Turkey’s central bank has used up billions of dollars of its foreign currency reserves by engaging in swap trades with state-run banks, resulting its net reserves to virtually deplete.
Last week, the pair retreated from recent highs but found strong support at 7-EMA.
USD/TRY is trading 0.1 percent up at 6.9734, having hit a high of 7.0079 on Wednesday, its highest since August 2018.
Immediate resistance is located at 7.0086, any close above could take it above 7.0142.
On the downside, support is seen at 6.9650 (5-DMA) and break below could take it near 6.9418 (7-EMA).
