End of the freefall?
Updated
Last 3 days has been very long for Turkish Lira. Finally, Turkish central bank decided to step in and raise the interest rates from 13.50 to 16.50 percent.
Unsurprisingly this resulted in USD to decline against TRY. However, it may continue to rise due to elections in Turkey.
There are 3 key support levels to watch out.These are as follows:
- 4.57
- 4.46
- 4.35
I expect USD to go down a little more and stabilize around 4.20 or 4.30 levels.Depending on Turkish politics and the Central Bank's further actions we may see USD going beyond 5 TRY.
This is not a trading advice and I am not responsible for any losses may occur from following this idea. Always DYOR.
Unsurprisingly this resulted in USD to decline against TRY. However, it may continue to rise due to elections in Turkey.
There are 3 key support levels to watch out.These are as follows:
- 4.57
- 4.46
- 4.35
I expect USD to go down a little more and stabilize around 4.20 or 4.30 levels.Depending on Turkish politics and the Central Bank's further actions we may see USD going beyond 5 TRY.
This is not a trading advice and I am not responsible for any losses may occur from following this idea. Always DYOR.
Note
The inverse head and shoulders formation triggered another bull run. USD may go up more.In the meantime, Turkish Central Bank claimed that it can increase interest rates if inflation rate continues to rise in May.
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