FxWirePro: USD/TRY retreats from 18-month peak, dip till 6.4342 likely
The Turkish Lira bounced back from an 18-month low as the dollar lost steam after an ascent that left it set for its biggest weekly gain since the 2008 global financial crisis. USD/TRY is trading 0.6 percent down at 6.50…
The Turkish Lira bounced back from an 18-month low as the dollar lost steam after an ascent that left it set for its biggest weekly gain since the 2008 global financial crisis.
USD/TRY is trading 0.6 percent down at 6.5020, having hit a high of 6.5487 earlier, its highest since September 2018.
Momentum indicators are bearish on hourly charts - RSI weak at 46 and MACD supports downside.
Immediate resistance is located at 6.5496, any close above could take it above 6.5583.
On the downside, support is seen at 6.4342 (5-DMA) and break below could take it near 6.4259 (23.6% Fib).
Recommendation: Good to sell on rallies around 6.5374, with stop loss of 6.5496 and target price of 6.4342.
