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FXSHANIMEO: USD/TRY HALTS 4-DAY LOSING STREAK, INTRADAY BIAS BULLISH 14 January 2020, 12:38

FXshanimeo: USD/TRY HALTS 4-DAY LOSING STREAK, INTRADAY BIAS BULLISH

14 January 2020, 12:38

  • The Turkish Lira retreated from a 4-week peak despite better-than-expected retail sales and industrial production.
     
  • Turkeys retail sales surged 18.5 percent year-on-year in November, following an upwardly revised 14.2 percent gain in the previous month.
     
  • While, industrial production rose 5.1 percent from a year earlier in November, accelerating from an upwardly revised 3.9 percent growth in the previous month.
     
  • USD/TRY is trading 0.3 percent up at 5.8863, having hit a low of 5.8530 on Monday, its lowest since December 17.
     
  • Momentum indicators are turning bullish - RSI strong at 50.53 and Stochs are biased higher.
     
  • Immediate resistance is located at 5.9052, any close above could take it above 5.9180 (10-DMA).
     
  • On the downside, support is seen at 5.8530 and break below could take it near 5.8390 (55-EMA).
Recommendation: Good to buy on dips around 5.8675, with stop loss of 5.8530 and target price of 5.9052.
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