Turkey threatens hit again TRY

TRY is again trading under pressure as traders weigh Turkey's tireless efforts to lead negotiations and trade with the United States. In addition to all current problems, Turkish Finance Minister Berat Albayrak said trade sanctions against Turkey could destabilize the Middle East.

After meeting with his French counterpart in Paris, Albayrak highlighted Ankara's hopes of better ties with Europe and headed to the United States, saying that US sanctions could eventually worsen the terrorist and refugee crises in the region.

US President Donald Trump this month has ordered a doubling of customs duties on aluminum and steel imported from Turkey, which led to retaliation measures from Ankara.

Technically, USD/TRY reports that there is a second upward wave. As usual, following a strong volatility of an instrument, the triangular formation was again present at TRY. The price is currently breaking down, going above the strong resistance level. Fibonacci also supports growth. In the last 2 weeks, the price has reached 50% Fibonacci correcting the last wave, then reversing up and forming a triangle. 50SMA and 200SMA are beaten and RSI remains over 50, but outside the over-purchase zone - the trend remains. Sequential counts 2 above - the impulse is still in force.

Source: Reuters

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