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TRY bounced back to 6.9 as the government appealed for funding. Where is it headed now?
The Turkish government took defensive measures to avoid the currency crisis. The Turkish central bank asked foreign allies for funding. They have already held talks with the USA, Japan, the United Kingdom, Qatar, and China. Negotiations continue, but no country has agreed to help. That seems reasonable, it’s a tough time for every nation and most of them don’t have enough capacity to support their own economies. Anyway, after this promising report the Turkish lira surged up. It has been the largest spike for a long time.
Let’s have a look at the chart now. We can easily notice the strong upward trend. When the coronavirus pandemic began, USD/TRY skyrocketed to unseen highs. However, the price has been falling for over a week already. If it crosses the support level at 6.74, it will open doors for further drop to 6.6. Resistance lines are at 7.055 and 7.18.
Despite the negative news and worrying headlines, we recommend traders to make mental reframing of the situation. This way, you can look at the market from a different perspective. Let’s observe how you can take advantage of the uncertainties and make the fundamentals work for you!
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