Turkish lira technical analysis
The Turkish lira since last month’s trading, which reached unprecedented levels, cannot recover – the story there is not yet over for me – reached an all-time high of 7.10 in August of 2018 the decline was being driven by the downgrade of Turkey’s currency by credit rating agencies S&P and Moody’s late Friday, this step could also prompt a similar downgrade to Turkey’s banks
Turkey’s central bank on Monday revised its reserve ratio to free foreign currency of commercial banks in order to support the plunging currency, turkey already struggling with the measures taken by Turkey’s authorities to support the lira but it was not as successful as it can be seen
The Turkish lira weakened against the dollar by more than 60% this year.
Today they’re going to announce rate policy, Central Bank of Turkey unexpectedly held its benchmark interest rate at 17.75 percent on July 24th, but for today the expectation is to raise rate up to 21.5%^ pct!
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| Turkey rate decision |
Turkish Lira collapse all-time lows, Dance of Demons about to end or ….
Last 3 months we saw an audiovisual show of the Turkish Lira mention here not once that Turkish lira located in Dance of demons
The equilibrium point currently stays at 5.73 Turkish lire for one USD according to the charts
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| Turkish lira analysis |
Technical analysis update Long-term trend forecast moved is still up as long as 5.61 will hold! Break below 5.31 on weekly basis will send the Turkish to 4.18 weekly close below 4.18+- will confirm for more down moves. Break below 5.83 will send the Turkish to 5.31- below these levels; you need to watch long-term trends mentions above In terms of behavior. I think the Turkish lira is not expected to recover below 5.30 –next target if the top will break up again is standing on 8.36-8.72! Short-term trend forecast: as long as Turkish lira will trade below 6.54 the target is located in the 6.21-6.27 price area
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| Turkish lira chart |
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