USD/TRY looking lor lurther gains after Erdogan's victory in Turkey's presidential election

Gregor Horvat Wavetraders

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!

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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