FxWirePro: USD/TRY retreats from 18-month peak, halting a 4-day rally
Tuesday, March 24, 2020 11:32 AM UTC
- The Turkish Lira rebounded from 18-month low as the greenback eased across the board.
- On Monday, the Federal Reserve rolled out an array of programmes including backing for the first time corporate bond purchases.
- USD/TRY is trading 1.2 percent down at 6.4803, having hit a high of 6.6085 on Monday, its highest since September 2018.
- Momentum indicators are bearish on hourly charts.
- Immediate resistance is located at 6.5801, any close above could take it above 6.6013.
- On the downside, support is seen at 6.4611 and break below could take it near 6.4478.