USD/TRY loses momentum and meets resistance above 8.0000

USD/TRY’s upside momentum faltered beyond 8.0000.
Decent support emerged around 7.5000 for the time being.
The Turkish central bank (CBRT) publishes its minutes on Friday.

Pablo Piovano FXStreet

The Turkish lira regains the smile so far on Wednesday and motivates USD/TRY to recede to the 7.95 region at the time of writing.

USD/TRY looks to geopolitics, CBRT

After climbing to fresh 2-week lows near 8.05 vs. the dollar on Tuesday, the lira now manages to reclaim some buying interest and drag USD/TRY back below the psychological 8.0000 yardstick.

In the meantime, the focus of attention shifts to the geopolitical front, where another spat between Turkey and Germany threatens to put the already fragile EU-Turkey scenario under extra pressure.

On the domestic sphere, and while investors continue to digest the recent orthodox hike by the CBRT, the lira looks for a clearer direction as market participants gauge the latest turn to a more market-friendly approach by the government/CBRT vs. the real chances that this scenario could materialize.

In the docket, Turkey’s Economic Sentiment and the CBRT Minutes are both due on Friday.

USD/TRY key levels

At the moment the pair is losing 0.37% at 7.9537 and a drop below 7.8591 (55-day SMA) would expose 7.5119 (monthly low Nov.20) and then 7.3970 (horizontal support line off August’s top). On the other direction, the next hurdle emerges at 8.0423 (weekly high Nov.24) followed by 8.5777 (all-time high Nov.6) and finally 9.0000 (psychological hurdle).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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