Will the CPI Crash the USD?
The most impactful releases of this week will fill the market with volatility and sharp movements.
Turkish lira continues to weaken
Information is not investment advice
Yesterday, Turkey's election authorities canceled the results of the municipal election after a win of the opposition CHP party. The decision was made after several attempts by the current president Recep Tayyip Erdoğan to recount the result of the elections. It provoked streets riots in Istanbul. Such political instability pulled the Turkish lira down.
At the moment, USD/TRY is targeting the resistance at 6.2. If the lira gains back strength, the pair will fall back to the support at 5.99. If this level is broken, the next key support will lie at 5.94. From the indicators' picture, ADX shows that the bullish market is overheated and RSI is moving within the overbought zone. If it leaves this zone, it may bring a selling opportunity.
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