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USD/TRY Treads Water Around 9.50, RSI Divergence Still In Play

TURKEY
  • USD/TRY trades -0.08% lower this morning, treading water around the open.
  • The cross closed yesterday's session -0.54% lower, retracing 61.8% of the early move lower towards 9.40 to end closer to the 9.50 mark.
  • TRY sentiment still remains weak and tentative for the time being within the 9.40-9.60 range, but we may see price action drift lower again today.
  • Trade balance data is expected to show a marked improvement, but broadly remain in negative territory. Yesterday's price action formed a long downside wick on the daily candle, suggesting robust buying pressure into the low - despite the cross still being well within overbought territory on the RSI and still reflecting negative divergence.
  • Intraday Sup1: 9.4867, Sup2: 9.3926, Res1: 9.6326, Res2: 9.7121
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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