Emerging market currencies stole the show in the foreign exchange market this week, with the Turkish lira falling to an all-time trading low against the U.S. Dollar. What is next? Gain insight into this 17 August USDTRY Technical Analysis.
17 August, OctaFX – The USDTRY pair surged above the $7.00 level for the first time, as diplomatic tensions between the U.S. and Turkey continued to worsen. The selling in the Turkish lira eventually stopped, as the central bank of Turkey provided emergency assistance and raised the nations interest rate.
Other emerging markets currencies such as the Indian rupee and the South African rand also fell to historic trading lows against the greenback this week, as investors fretted over high levels of emerging market debt and soaring inflation.
17 August USDTRY Technical Analysis
- The USDTRY pair is bullish while trading above the $5.55 level, further upside towards the $7.00 and $8.20 levels remains possible.
- If the USDTRY pair trades below the $5.55 level, further losses towards the $5.00 and $4.45 support levels remains possible.
This article about 17 August USDTRY Technical Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.