USD/TRY: Next projections are located at 27.50 and 28.55/28.70 – SocGen

Economists at Société Générale analyze USD/TRY technical outlook.

Signals of a meaningful decline are not yet visible

USD/TRY uptrend has accelerated since March as highlighted by the steep slope of 20-DMA. It has recently broken out from a brief consolidation denoting extension in uptrend. The move is overstretched however signals of a meaningful decline are not yet visible. 

Next projections are located at 27.50 and 28.55/28.70. 

Defence of the MA near 26.20/25.80 would be crucial for persistence in up-move.

See – Türkiye: A 350 bps rate hike will immediately trigger pressure on the Lira – Commerzbank