FxWirePro: USD/TRY tumbles on Turkey's better-than-expected consumer confidence, major support at 55-EMA
The Turkish Lira rallied, hovering towards to an 11-day peak hit last week on upbeat consumer confidence report. Turkey's consumer confidence increased to 57.0 in October from 55.8 in the previous month, boosted by an im…
The Turkish Lira rallied, hovering towards to an 11-day peak hit last week on upbeat consumer confidence report.
Turkey's consumer confidence increased to 57.0 in October from 55.8 in the previous month, boosted by an improvement in expectations regarding households' financial situation, general economic situation, and unemployment.
USD/TRY is currently trading 0.5 percent down at 5.7797, having hit a low of 5.7579 on Friday, its lowest since October 7.
Momentum indicators are bearish - RSI weak at 49.50, Stochs are biased lower and MACD support downside.
Immediate resistance level is located at 5.8304 (7-EMA), any close above could take it above 5.8549 (10-DMA).
On the downside, support is seen at 5.7678, and break below could take it near 5.7522 (55-EMA).
Recommendation: Good to sell on rallies around 5.7982, with stop loss of 5.8153, and target price of 5.7678.
