USD/TRY: One to watch
|The long weekend is fast approaching, and traders are slowly winding down. So, I won’t waste your time with a lengthy report. But I just came across this chart of the USD/TRY, which you may want to keep in your watchlist. The Turkish lira hit a new 2019 low earlier today, causing the USD/TRY to break above its recent highs, before easing back slightly at the time of writing. This pair could potentially head further higher in early next week, potentially triggering similar moves in other emerging market currencies. Thanks to the USD/TRY’s recent gains, the three moving averages on the chart are all now pointing higher, objectively telling us that the bullish trend may have resumed. At this stage, only a break back below this month’s low at 5.4350 is needed to signal the bears are back in control.
Figure 1:
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