Turkish lira Price Technical Analysis Forecast update
From my last post, I wrote couple scenarios: http://www.daytrade-profit.com/2017/04/what-interesting-pattern-is-created-in.html
The first option – breaking area of 3.82-3.86 will lead the usd try to cope with + 4.10
Option Two: Amendment to the 3.55 to 3.59 area and from there back to the peak, with the possibility of hacking the last high
A third option: correction down to 3.50 + _ and then re-examine the usd try pair again
So we get the third one
Turkey’s unemployment rate was announced at 12.6 percent in the February period, with a 1.7 percent year-on-year increase, Youth employment hit 23.3 percent in the February period, which covered data from January, February and March, with a 4.7 percent of increase compared to the same period of 2016
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| Turkish lira analysis |
From the other hand : Turkish government revenues in the first four months stood at 197.8 billion lire (approximately $55.6 billion), marking a 9 percent rise year-on-year, while budget expenditures were 215.7 billion lire (around $60.6 billion), with an increase of 22.5 percent compared to the same period last year, according to the ministry.
“This increase indicates a recovery in production, consumption and economic activity, according to Naci Ağbal “
Official data showed that tax revenues rose 12.6 percent during the first four months to reach 158.7 billion lire ($44.6 billion).
In an interview with Anadolu Agency, Carlo Cottarelli, former IMF mission chief to Turkey, praised will of the Turkish people, which he said paved the way for “tremendous growth” in the country’s economy.
In his remarks, Cottarelli said inflation in the country has come down significantly, fiscal accounts have got much stronger, and public debt to GDP ratio was now much lower and stable.
The former IMF official, however, warned that the external deficit continued to remain quite large, which he said would expose Turkish economy to speculative pressures.
Technical analysis long term:
Look closely, you can see the strong support at 3.34-8 +_ , break down this level May cause usd try breakdown mode and change the trend direction in the Turkish lira
Technical analysis short term:
you can see the strong support at 3.64+_ who became resistance now, break down this level May cause usd try breakdown mode to 3.47 area +_ and from there to the strong support at 3.34-3.38
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| usd try analysis |
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