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Turkish Lira under pressure on rate cut talk

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USDTRY The pair spiked to 2.8707 today, to hit one–week high, where weekly Ichimoku cloud top temporarily capped recovery from 04 Apr low at 2.8051, which extends for the fourth consecutive day. Rally was inspired by rate cut talk, as Turkish government maintains pressure on central bank to cut rates on fresh strength of TRY. Overall, technicals remain negative and suggest further downside on completion of near-term correction. Today’s break above daily 20SMA, which now acts as initial support

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