Turkish Lira has fallen to almost -week low against the US dollar at 14.5.2014 The currency’s deprecation follows the Turkish central bank’s decision to cut interest rates a few weeks ago which followed months of aggressive tightening earlier in the year due to the emerging market currency crisis. The renewed pressure on the Lira suggests the market is pricing in further easing after Prime Minister Tayyip Erdogan recently said the central bank’s latest rate reduction was insufficient.
On top of the fundamental factors, we have also had some technical reasons behind the Lira’s decline. Just to recap, the USD/TRY has found a base around 2.060 area which was formerly a significant resistance also staying below 2.16 area will approve more down trend .
previous intra-day resistance levels 2.1190. previous intra-day support levels 2.06 2.0230 1.9760
major support : 2.03 &1.93
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