FxWirePro: USD/TRY retreats from 5-month peak, intraday bias bearish
The Turkish Lira nudged up, hovering away from an over 5-month low hit last week as investors digested yesterdays better than expected economic data. Turkey's annual inflation rate increased to a 5-month high of 12.15 pe…
The Turkish Lira nudged up, hovering away from an over 5-month low hit last week as investors digested yesterdays better than expected economic data.
Turkey's annual inflation rate increased to a 5-month high of 12.15 percent in January from 11.84 percent in the previous month, while producer prices rose by 8.84 percent year-on-year in January.
USD/TRY is trading 0.3 percent down at 5.9668, having hit a high of 5.9873 on Thursday, its highest since August 26.
Momentum indicators are turning bearish on hourly charts - RSI weak at 23.12, MACD supports downside and Stochs are biased lower.
Immediate resistance is located at 5.9920, any close above could take it above 6.0030.
On the downside, support is seen at 5.9613 (7-EMA) and break below could take it near 5.9506 (10-DMA).
Recommendation: Good to sell on rallies around 5.9800, with stop loss of 5.9870 and target price of 5.9613.
