Lira’s bears consolidate under psychological 7.00 barrier before likely continuation
Bears are taking a breather after cracking psychological 7.00 barrier, with action of authorities intervening to slow down currency’s fall, seen as likely scenario.
Unlike from many emerging market currencies, which have registered significant losses during current crisis, Turkey’s authorities so far did a good job by keeping lira above new all-time low.
However, lira’s steep downtrend is likely to extend, as pause around 7.00 level seen as consolidation ahead of final break and attack at record lira’s low at 7.1074, break of which would spark fresh extension towards projected levels.
Res: 7.0000; 7.0063; 7.1074; 7.2000
Sup: 6.9366; 6.9222; 6.9177; 6.9000