USD/TRY - Top Test and All Time High seem the most likely scenario

The Turkish lira is again defeated after a report on the possible resignation of a central banker from the Turkish Central Bank. Losses were also highlighted today by a reuters report stating that the Turkish central bank's deputy central banker and member of the monetary policy committee Erkan Kilimi will resign.

Why this is so important?

Turkish President Recep Tayyip Erdogan has long pressed the central bank against tightening monetary policy, calling itself "the enemy of interest rates," as it prioritises the rapid growth rate amid falling inflation, which is currently over 15%. This has led the lira to crash as investors have lost faith in the country's fiscal discipline.

USD/TRY - H1

Technically, the price is in the ascending channel, breaking through an important level of resistance. After the breakthrough, there is a correction to the support zone and a strong rebound in the upward direction. Entry from the current levels is at risk, so it's a good idea to wait for a second adjustment to the support zone and position Long. DeMarker asks for a deeper correction. It is then good to look for an input with long and SL under the main diagonal.

Read more:

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