FxWirePro: USD/TRY hits new 1-1/2 year peak, likely to break above 6.7300
The Turkish Lira plunged to a fresh 1-1/2 year trough despite efforts by state lenders to flood the market with dollars even as central bank reserves decline USD/TRY is trading 1.8 percent higher at 6.7158, having hit a …
The Turkish Lira plunged to a fresh 1-1/2 year trough despite efforts by state lenders to flood the market with dollars even as central bank reserves decline
USD/TRY is trading 1.8 percent higher at 6.7158, having hit a high of 6.7236 earlier, its highest since September 2018.
On Thursday, the retraced from the recent peak but found strong support at 5-DMA.
Momentum indicators are bullish, likely to break above 6.7300.
Immediate resistance is located at 6.7348, any close above could take it above 6.7408.
On the downside, support is seen at 6.5612 (7-EMA) and break below could take it near 6.5456.
