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FxWirePro: USD/TRY rallies to 6-1/2 week peak, good to buy on dips

  • The Turkish Lira plunged to a 6-1/2 week low, as investors turned cautious ahead of Central Bank of Turkey's interest rate decision due this week.  
     
  • USD/TRY is trading 0.6 percent up at 5.8042, having hit a high of 5.8050 earlier, its highest since October 23. 
     
  • Momentum indicators are bullish – RSI strong at 62.48, MACD supports upside and Stochs are biased higher. 
     
  • Immediate resistance is located at 5.8070, any close above could take it above 5.8145.
     
  • On the downside, support is seen at 5.7701, and break below could take it near 5.7510 (10-DMA).
     

Recommendation: Good to buy on dips around 5.7830, with stop loss of 5.7701 and target price of 5.8070. 


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