FxWirePro: USD/TRY gains as Turkey's unemployment rate rises, good to buy on dips

• The Turkish Lira plunged, extending previous session losses following Turkey's downbeat unemployment rate. 
   
• Turkey's unemployment rate rose to 13.0 percent in June from 10.2 percent in the same period of the previous year. 
   
• The selling pressure intensified around the Turkish currency after separate data showed retail trade decreased 3.7 percent year-on-year on July, following a downwardly revised 0.9 percent fall in June. 
   
• On a monthly basis, retail sales decreased 1.5 percent in July after posting a rise of 2.6 percent in the previous month. 
   
• USD/TRY is currently trading 0.7 percent up at 5.7422, having hit a low of 5.6468 on Friday, its lowest since August 20. 
   
• Stochs support upside and RSI is strong at 51.10
   
• Immediate resistance is located at 5.7650 (September 9 High), break above could take it till 5.7913 (September 11 High). 
   
• On the downside, support is seen at 5.6484 (September 5 Low), any close below could take it near 5.6050 (200-DMA).
   

Recommendation: Good to buy on dips around 5.7048, with stop loss of 5.6831 and target price of 5.7650