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Alert - 16:40 (CET) - Turkish Lira advances 3.9% against the Dollar
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With the decline of the 3-month Libor rates in Dollars to a four year low, the credit markets are becoming more relaxed. This allowed the Turkish Lira to advance 3.97% against the Dollar, given the renewed appetite for EM currencies.
The UsdTry is trading at 1.4982, ranging from 1.4884 to 1.5563. The current price is under yesterday's close at 1.5465. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
The resistances are being watched at 1.6425 (October 28th high), 1.7000 (psychological) and 1.7383.
As the key support at 1.5037 (October 21st low) was broken, the traders are watching the next supports 1.3897 (October 14th low) and 1.2637 (October low).
Checking the hourly graphics again, the current price is under the 61.80% (1.5017) and over the 50.00% (1.4343) Fibonacci retracement lines. The volatility per hour could reach 850 pips and the 60-minute Relative Strenght Index (RSI) is at 24 points, avery oversold.
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