USD/TRY finds buyers at 21-DMA as lira remains vulnerable amid soaring inflation USDTRY Currencies Technical Analysis SupportResistance Inflation
The lira remains weighed down by the economic and inflation concerns. is almost unchanged on the day, hovering around 13.50, as bulls take a breather after Tuesday’s turnaround from 13.00.
The odds for the further upside remain higher, as the Turkish lira continues to look weak amid soaring inflation and instability in the country’s economic policies. Turkey’s President Recep Tayyip Erdogan’s promises to stabilize the economy fail to excite TRY buyers. Inflation in the country hit a 19-year high of 36.1% for December, with Goldman Sachs projecting Turkey’s inflation to go above 40% for most of the coming year.Looking at USD/TRY’s technical chart, the pair is trying hard to defend the critical 21-Daily Moving Average at 13.29.
Meanwhile, a sustained break below the 21-DMA will drag the rates back towards the January 3 low of 12.75, below which the 12.09 cap will come in the way. That level is the bullish 50-DMA support.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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