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Short, massive weekly resistance on A spinning bottom appeared on 4 hour chat during a down trend signalling a potential trend reversal. Take profit can e set at next resistance There is long term uptrend There medium term uptrend Medium term uptrend had a bulish break out 2 days ago My prediction is a retest of that break out to at least D1 - Price broke above the last high.
H4 - We have a critical zone that has formed. In such a context then, the mini-recovery of the lira seems to be revving for a much more significant rally, whereas the dollar weakened on average by 1. Turkey will now be going back to the polls for the second time since June 6th. According to opinion polls, this scenario is unlikely to materialize now. The market, however, expects the inevitable formation of an executive of the coalition between the AKP and the CHP, the latter a leftist but market-friendly party.
A weaker president Erdogan is seen as essential in loosening the pressure on the central bank governor, Erdem Basci. He has tried to correct strong inflation trend by raising interest rates for months, only to face the AKP-dominated government and President, asking him to cut rates, regardless of the consequences. Erdogan may try to return Turkey to the polls as soon as reasonably certain to obtain an absolute majority of seats.
Then again, the favorable emerging market climate thanks to the likelihood that interest rates in the U. Still, Erdogan has lost considerable support and the CHP could be heading to a majority government now, which would see the lira shoot upwards. Stay in the loop. You can unsubscribe at any time.
Credit Card is NOT required. USD-TRY Exchange Rate Forecast for Turkey has struggled to regain political stability, to consolidate democracyand, where investors are concerned, to improve market confidence. Signs of a Rebound in Turkish Lira Already Visible The Turkish lira seems to have stopped collapsing, even as the social and political difficulties have intensified in the past month, marked by a major bombing that killed over civilians.
In case the pair refrains to surpass the 1. While weekly closing under 1. If at all Bulls conquer the 1. Should sellers keep dominating the momentum past In case the 0. On the upside, the 0. Don't miss a thing!