Turkish lira forecast

Turkish lira forecast

The long-term perspective: we can see price action in the pair, when a similar incident occurred in the past, which could go back again.

The price of the pair move down to the 2.65 to 2.68 - Breakdown 2.75 level will send the pair to the 2.65-66.

USD/TRY made a sharp move this early morning and open gap down to 2.82 area. We need to watch how the trend will continue later on this week. The opening exchange rate after the election in June had seen the highest level while 2.80 2.75 level. However, a period of about 2 weeks dropped to the 2.65 level again. After the opening of the dollar, this could happen again in the new election period.

Now there are several options:

Shuffle the level of 2.79 to 2.84, a wider range of 2.75 to 2.87

Conversely up crossing the 2.87 area, confirming the continuation of the main trend

Support levels: 2.82-2.84

2.75-2.79 

Major support: 2.65- 2.69

Break up 2.87 areas will confirm the correction is over, and weakening of the Turkish lira continues.

Turkish lira

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