- Volatile hours ahead for the Turkish lira after the CBRT meeting.
- USD / TRY maintains a bearish bias in the short term.
The USD/TRY is poised to post the fourth consecutive daily close around the 7.65 / 70 area as it continues to consolidate after the sharp correction from all-time highs.
The current bias points to further losses, but the key will likely depend on Thursday’s decision by the Central Bank of the Republic of Turkey (CBRT).
No signs of a bullish correction area are in sight and the key moving averages are turning south, suggesting further losses or consolidation at lower levels. Immediate resistance is seen around 7.85, followed by the 8.00 zone. A close above 8.05 would point to a test of the 20-day moving average at 8.10.
On the other hand, a firm break below 7.60 would clear the way for a drop towards the next strong support at 7.40. The next support area is at 7.20
Daily chart
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