USD/TRY: Larger correction below 6.40 – Rabobank

A corrective pullback in USD/TRY has reached the initial pivot around 6.40, as analysts at Rabobank notes. 

Key quotes

“A break lower of the 6.40 mark would allow for a larger correction towards the support area around 6.23 without causing damage to the underlying upside trend.” 

“The bleak prospects for the global and Turkish economy should keep USD/TRY on track to revisit the Aug 2018 high at 6.8427 followed by the all-time high at 7.2362.”