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USD/TRY sinks towards 2.93 post-CBRT

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Turkish lira is sharply appreciating vs. the greenback today, sending USD/TRY to the vicinity of the key support at 2.9300.

    USD/TRY lower after CBRT decision

    The pair is accelerating the downside today after the Turkish central bank (CBRT) has kept its monetary stance unchanged at today’s meeting, broadly in line with precious forecasts.

    In fact, the CBRT left intact the One-week Repo Rate at 7.50%, the Overnight Borrowing Rate at 7.25% and the Overnight Lending Rate at 10.75%.

    The pair, in the meantime, is challenging multi-day lows in the boundaries of 2.93, retreating from last week’s peaks in the 2.98 neighbourhood.

    USD/TRY key levels

    At the moment the pair is losing 0.11% at 2.9325 facing the next support at 2.9000 (psychological level) ahead of 2.8853 (low Feb.4) and finally 2.8691 (200-day sma). On the other hand, a surpass of 2.9624 (55-day sma) would expose 2.9843 (high Feb.17) and then 2.9950 (38.2% Fibo of 3.0630-2.8853).
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