Mon, May 16, 2022 @ 18:14 GMT
HomeContributorsTechnical AnalysisUSDTRY Extends Recovery But Lower Inflation In Turkey Could Slow Bulls

USDTRY Extends Recovery But Lower Inflation In Turkey Could Slow Bulls

The USDTRY holds in a steady recovery from 3.9338 (29 Mar low, posted after sharp fall) which extends into third straight day and retraced so far 61.8% of 4.0150/3.9338 dip.

Recovery rally returned above rising 10SMA (currently at 3.9622 and marking initial support) which was bullish signal, however, weakening momentum warns of possible recovery stall.

Inflation in Turkey surprisingly fell in March, report released today showed.

Annualized inflation was 10.23% in March, slightly below 10.26% previous month, marking the lowest level since July 2017, but still holding double-digit figure.

Marginally lower inflation could be limiting factor for fresh bulls which attempt at psychological 4.00 barrier and eye new all-time high at 4.0359, posted on 23 Mar.

The price may remain within initial range between 4.0150 and 3.9338, before establishing in fresh direction.

Focus turns towards Turkey’s current account data, due on 11 Apr and CBRT policy meeting on 25 Apr, which could provide stronger direction signals.

Res: 3.9851, 4.0000, 4.0150, 4.0359
Sup: 3.9691, 3.9622, 3.9449, 3.9390

Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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