• FxWirePro: USD/TRY consolidates within narrow ranges ahead of Central Bank of the Republic of Turkey policy decision

    Source: FxWire Pro - Technicals / 12 Sep 2019 10:37:16   Europe/London

    • The Turkish Lira edged down as investors cautiously awaited the Central Bank of the Republic of Turkey (CBRT) interest rate decision later in the day. 
       
    • The Central Bank of Turkey is expected to cut its interest rate to 17.50 percent from 19.75 percent. 
       
    • USD/TRY is currently trading 0.1 percent up at 5.7526, having hit a high of 5.7913 the day before, its highest since September 3. 
       
    • On Wednesday, the pair retreated from a 1-week peak, halting a 4-day rally. 
       
    • Technical indicators show bearish trend - Stochs indicate bearish crossover and MACD support downside.
       
    • Immediate resistance is located at 5.7913 (September 11 High), break above could take it till 5.8581 (August 27 High). 
       
    • On the downside, support is seen at 5.7076 (55-EMA), any break below could take it near 5.6484 (Sept. 5 Low).
       

    Recommendation: Good to sell on rallies around 5.7521, with stop loss of 5.7770 and target price of 5.7076. 

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