USD/TRY looking lor lurther gains after Erdogan's victory in Turkey's presidential election
|After another Erdogan's victory in Turkey's presidential election is likely that TRY will remain on the bearish side vs USD, as there are fewer chances for economic conditions to improve or change. Looking at USD/TRY, we see the currency pair still in an uptrend after a sharp drop back in 2021 which was seen as wave (IV) correction. Notice that recovery is now very strong back to new highs, which can be counted as another impulse that can be targeting 21 areas in the months ahead.
I was in Istanbul these last few days, and I was told by locals, that they manipulated market for the last few weeks, to keep USDTRY rate steady around 20.00 until the elections are over. And that now, after Erdogan's win, they expect market instability and that USDTRY will very likely resume even towards 30!
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.