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USD/TRY recovering ground near 2.83

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Turkish lira is surrendering part of yesterday’s string gains, taking USD/TRY to the vicinity of 2.8300.

    USD/TRY firmer post-CPI

    The pair has gathered further traction after domestic consumer prices have risen at a monthly pace of 1.55%, surpassing expectations at 1.35% and up from September’s 0.89% advance. Over the last twelve months, prices rose 7.58%.

    TRY is giving away part of Monday’s significant gains following the victory of the AKP party on Sunday’s national elections, reaching nearly 50% of the votes. Despite AKP has now regained parliamentary majority, the political and social effervescence in the country seems far for abated.

    USD/TRY levels to consider

    At the moment the pair is up 0.08% at 2.8264 and a surpass of 2.8583 (100-day sma) would aim for 2.8768 (38.2% Fibo of 3.0756-2.7540) and finally 2.9559 (55-day sma). On the other hand, the next support aligns at 2.7540 (low post-elections Nov.2) followed by 2.7332 (200-day sma) and then 2.6240 (low Jul.14).
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