"Buy the rumor - sell the fact" action for USD/TRY

"Buy the rumor - sell the fact" action for USD/TRY

During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips. The Turkish central bank cut the interest rate slightly more than expected from 19.75% to 16.5%. USD/TRY bounced from the 100-period SMA at 5.7464 on H4 and started to fall down to the 200-period SMA at 5.6440. The next support will lie at 5.6266. If the pair reverses, it will retest the resistance at 5.7464. The next key levels will lie at 5.7626 and 5.8.

USDTRYH4.png

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