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USD/TRY fades the stab to 2.8900 post-CBRT

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Turkish lira has quickly reverted the bout of selling pressure following the CBRT announcements, sending USD/TRY back to the area of lows near 2.8750.

    USD/TRY choppy post-CBRT

    The pair found strong resistance in the vicinity of 2.8940 – where sits the key 200-day sma – after the Turkish central bank (CBRT) has lowered by 25 bp its Overnight Marginal Funding Rate to 10.50% from 10.75%, leaving unchanged instead the Overnight Borrowing Rate at 7.25% and the One-week Repo Rate at 7.50%.

    Spot is now trading almost unchanged, keeping alive the rebound from recent YTD lows at 2.8370 posted last Friday.

    USD/TRY key levels

    At the moment the pair is up 0.04% at 2.8762 facing the next hurdle at 2.8937 (200-day sma) followed by 2.8971 (20-day sma) and finally 2.9232 (38.2% Fibo of 3.0630-2.8370). On the other hand, a breakdown of 2.8370 (2016 low Mar.18) would aim for 2.8120 (low Nov.20 2015) and then 2.7540 (low Nov.2 2015).
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