Turkish Lira hits record low of 5.1174 against the US dollar

Omkar Godbole FXStreet Contributor

Turkish Lira (TRY) has begun the week on a negative note.

The USD/TRY rose to a record high of 5.1174 and may extend the rally as the 14-day relative strength index (RSI), though slightly above 70.00 (in the overbought territory), is still hovering well below the highs above 80.00 seen on May 22.

Correction, if any, could run out of steam near the ascending (bullish) 5-day and 10-day moving averages (MAs).

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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