Turkish Lira Analysis
The Turkish lira continues to plummet – 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.
The equilibrium point is currently at 5.31 Turkish lira for one USD according to the charts
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| Turkish Lira Analysis |
Is Turkish Lira in the final stages before a move or we will see history again as in 2001
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| Turkish Lira chart |
Technical analysis update
Long-term trend forecast moved is still up as long as 5.01 will hold! Break below 5.01 on weekly basis will send the Turkish to 4.18 weekly close below 4.18+- will confirm for more down moves.
short-term trend forecast Break below 5.83 Will send the Turkish to 5.31- below this 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!
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| USD TRY ANALYSIS |
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