Turkish lira is heading towards all-time low
Turkish lira remains under increased pressure and trading at the lowest since Dec 2021, additionally weighed by shock decision of the Turkish central bank to cut interest rate by 1% last Friday, despite inflation of almost 80% and new measures unveiled by the CBRT during the weekend, which increased reserve requirement in order to support financial stability.
Steady uptrend from 10.2017 (Dec 2021 bottom of steep pullback from new record high at 18.3387), is coming close to an all-time peak and could violate it in coming sessions, as the US dollar remains well supported, while lira is weighed by a number of factors.
Break of 18.3387 high would expose targets at 20.00 (psychological) and 20.2592 (Fibo 123.6% projection of the rally from 1.2017 low).
Potential dips should be contained by rising 20DMA (17.9200) and daily higher base at 17.71 zone.
Res: 18.1145; 19.0000; 20.0000; 20.2592
Sup: 18.0124; 17.9200; 17.7100; 17.6110