FxWirePro: USD/TRY near 7-week peak on downbeat economic data, good to buy on dips
The Turkish Lira plunged to a near 7-week low following downbeat unemployment data. Turkey's unemployment rate increased to 13.8 percent in September from 11.4 percent in the same month of the previous year. Separate dat…
The Turkish Lira plunged to a near 7-week low following downbeat unemployment data.
Turkey's unemployment rate increased to 13.8 percent in September from 11.4 percent in the same month of the previous year.
Separate data showed, retail sales decreased 0.20 percent in October over the previous month, while it rose 5.9 percent year-on-year in October, following an upwardly revised 3.1 percent gain in the previous month.
USD/TRY is trading 0.7 percent up at 5.8431, having hit a high of 5.8494 earlier, its highest since October 22.
Last week, the pair declined to a 1-week low, but found strong support at 21-EMA.
Momentum indicators are bullish - RSI strong at 67.39, MACD supports upside and Stochs are biased higher.
Immediate resistance is located at 5.8595, any close above could take it above 5.8755.
On the downside, support is seen at 5.7747 (10-DMA). and break below could take it near 5.7660 (21-EMA).
Recommendation: Good to buy on dips around 5.8079, with stop loss of 5.7876 and target price of 5.8595.
