The Turkish Lira eased, halting a 6-day rally despite better-than-expected manufacturing PMI. Turkey's manufacturing PMI rose to 50.0 in September from 48.0 in the previous month, indicating stabilisation of the health o…
The Turkish Lira eased, halting a 6-day rally despite better-than-expected manufacturing PMI.
Turkey's manufacturing PMI rose to 50.0 in September from 48.0 in the previous month, indicating stabilisation of the health of the sector after 17 straight months of contraction.
On Monday, the pair fell to a 6-week low but found major support at 200-DMA
USD/TRY is currently trading 0.6 percent up at 5.6840, having hit a low of 5.6367 the day before, its lowest since August 19.
Stochs are biased higher. Immediate resistance is seen at 21-EMA.
Next resistance level is located at 5.6992 (55-EMA), any close above could take it till 5.7275.
On the downside, support is seen at 5.6251 (200-DMA), and break below could take it near 5.5971.
Recommendation: Good to buy on dips around 5.6484, with stop loss of 5.6251 and target price of 5.7114.
