FxWirePro: USD/TRY rallies to 8-1/2 month peak as CBRT slashes interest rate

• The Turkish Lira plunged to a fresh 8-1/2 month low following Central Bank of the Republic of Turkey's monetary policy decision. 
   
• The CBRT slashed its one-week repo auction rate by 50bps to 10.75 percent during its February meeting, as widely expected.
   
• USD/TRY is trading 0.1 percent up at 6.0700, having hit a high of 6.0803 earlier, its highest since May 28. 
   
• Momentum indicators are bullish - RSI strong at 74, MACD supports upside and Stochs are at overbought levels.
   
• Immediate resistance is located at 6.0818, any close above could take it above 6.0865.
   
• On the downside, support is seen at 6.0479 (5-DMA) and break below could take it near 6.0378 (7-EMA).

Recommendation: Good to buy on dips around 6.0645, with stop loss of 6.0557 and target price of 6.0818.