Turkish lira boosted by better than expected c/a numbers
Turkish lira strengthens against dollar on Wednesday, boosted by better than expected Turkish current account numbers.
Trade gap narrowed in August to $1.23 billion, beating forecast for $1.4 billion and previous month’s gap of $5.12 billion.
Lira’s fresh rally probes again below strong support at 3.6696, provided by daily Tenkan-sen, which was cracked on Tuesday’s spike to 3.6618.
Yesterday’s spike lower was short-lived but the greenback is coming under renewed pressure on signs of Trump’s tax plan stall and fresh strength of Turkish lira on solid data.
Close below Tenkan-sen will be seen as bearish signal which would trigger further weakness and result in filling Monday’s gap.
Key events which would also strongly influence the performance of USDTRY pair are FOMC minutes today and US CPI data, due on Friday.
Res: 3.7078; 3.7301; 3.7853; 3.8109
Sup: 3.6512; 3.6370; 3.6094; 3.5938