USDTRY

The USD/TRY pair is trying to find direction amid general weakness trends in emerging markets. While the Malaysian Ringgit gains strength, the Turkish Lira ranks among the weakest currencies along with the Mexican Peso. As global markets closely monitor the PCE inflation and growth data from the US, the mixed outlook in overseas markets is putting pressure on the Turkish Lira. Particularly, the economic data from the US and global developments may continue to impact USD/TRY.

From a technical perspective, the USD/TRY pair is trading near the 34.65 level. It may find support at the 34.63, 34.5, and 34.39 levels, while upward movements are watched at the resistance levels of 34.73, 34.8, and 34.9. Consolidation may continue in the 34.50-34.80 range, but staying above 34.80 could strengthen upward movements. The RSI indicator is at the 54 level, showing a neutral market outlook. Intra-day movements of the pair appear to be limited by a 0.03% drop.