Turkey sending shockwaves through EM
Updated
Asian markets reacting positively to growth news from China over the weekend and as expected Global Equities enjoying some time in the green.
The lira remains under pressure and USDTRY in particular looks ready for a monstrous break up towards 7. This will put severe pressure on the Turkish banking system and can cause a domino effect across EM which will carry USDRUB as collateral.
An impulsive advance here is likely after reaching an ABC target. Focus is coming back on the 65 range lows from October 2018. I am opening bullish exposure above 65 with initial targets at 66.70.
Best of luck all those positioned across the EM FX board.
The lira remains under pressure and USDTRY in particular looks ready for a monstrous break up towards 7. This will put severe pressure on the Turkish banking system and can cause a domino effect across EM which will carry USDRUB as collateral.
An impulsive advance here is likely after reaching an ABC target. Focus is coming back on the 65 range lows from October 2018. I am opening bullish exposure above 65 with initial targets at 66.70.
Best of luck all those positioned across the EM FX board.
Note
Bulls stepping in and building a floor, ride the pig here.
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