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USD/TRY at a Crossroads, Looking for Directional Triggers

TURKEY
  • USD/TRY trades lower at the open, in line with early selling pressure on the Greenback.
  • Sentiment seems, yet again, to be shifting against TRY, which sat out a significant portion of EM FX strength last week with the USD showing signs of weakness.
  • USD/TRY is at an important crossroads, pegged within the ascending triangle pattern on the daily, but capped by sticky resistance in the 8.44-8.52 range.
  • While the covid situation appears to be improving, international relations seem to be deteriorating with anti-Greece rhetoric increasing over the weekend ahead of the UN visit to discuss a Cyprus solution.
  • USD/TRY will need to break its current pattern to assert a more decisive near-term direction, with 8.30 & 8.5139 the key pivot points.
  • Limited data on the agenda this week leaves the cross vulnerable to global risk sentiment and domestic developments.
  • Intraday Sup1: 8.3597, Sup2: 8.3315, Res1: 8.4397, Res2: 8.4851
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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