Lira (TRY) took a beating on Thursday on reports that the Turkish central bank’s deputy governor and Monetary Policy Committee member Erkan Kilimci is set to resign. How is the pair currently moving? Gain insight into this 31 August USDTRY Technical Outlook.
31 August, OctaFX – Experts downplay contagion fears, but EM currencies are feeling the heat. Indian Rupee (INR) hit record low yesterday and Argentina’s peso dropped 10 percent, forcing the central bank to raise rates to 60 percent.
31 August USDTRY Technical Outlook
The USDTRY looks set re-test the record highs above $7.00, having ended last week’s consolidation with a bull breakout.
The drop in the lira has revived interest in the TRY puts (bearish bets). The USDTRY one-month 25 delta risk reversals hit a two-week high of 9.90 yesterday.
Spot Rate: 6.75
Daily High: 6.7839
Daily Low: 6.6231
R1: 6.7847 (78.6% Fib R of the recent pullback from record highs)
R2: 6.9536 (Aug. 14 high)
R3: 7.0831 (record highs)
S1: 6.6231 (session low)
S2: 6.4422 (5-day moving average)
S3: 6.2490 (10-day moving average)
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