The Lira Takes A breather

Hello my dear USD/TRY traders, hope you’re doing well guys! 🙂

Since the last time we spoke, USD/TRY spiraled to 7 Dollars, which is seeing many traders jumping on the train. So obviously a correction here had to come and is very normal. We have retraced back to 5.68 with the wicks -and now we’re gonna wait and see, what pattern we get at the top.

Fundamental news that had an effect were:

  • Qatar pledging help to Turkey
  • The central bank/government curbing the possbility of banks to lend money tot short sellers from 50% to 25%
  • Turkey responding with tarrifs to US consumer goods

Have fun watching! 🙂

Screenshot: Erdogan holding Iphone (Photo: Yasin Bulbul / AP Photo / dpa)

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