The Turkish Lira declined, halting a 2-day losing streak on mixed GDP growth rate. Turkey's Gross Domestic Product (GDP) expanded 0.40 percent in the third quarter after rising 1 percent in the previous quarter. However,…
The Turkish Lira declined, halting a 2-day losing streak on mixed GDP growth rate.
Turkey's Gross Domestic Product (GDP) expanded 0.40 percent in the third quarter after rising 1 percent in the previous quarter.
However, on an annual basis, the Turkish economy grew by 0.9 percent in the third quarter, rebounding from a revised 1.6 percent contraction in the previous three-month period and compared with market expectations of 1 percent growth
USD/TRY is currently trading 0.3 percent up at 5.7557, having hit a low of 5.7347 earlier, its lowest since November 25.
Momentum indicators are bullish - RSI strong at 39.82, MACD supports upside and Stochs are biased higher.
Immediate resistance level is located at 5.7621, any close above could take it above 5.7701.
On the downside, support is seen at 5.7298 (10-DMA), and break below could take it near 5.7253 (200-DMA).
Recommendation: Good to buy on dips around 5.7423, with stop loss of 5.7298, and target price of 5.7621.
