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Yesterday, Turkey's election authorities canceled the results of the municipal election after a win of the opposition CHP party. The decision was made after several attempts by the current president Recep Tayyip Erdoğan to recount the result of the elections. It provoked streets riots in Istanbul. Such political instability pulled the Turkish lira down.
At the moment, USD/TRY is targeting the resistance at 6.2. If the lira gains back strength, the pair will fall back to the support at 5.99. If this level is broken, the next key support will lie at 5.94. From the indicators' picture, ADX shows that the bullish market is overheated and RSI is moving within the overbought zone. If it leaves this zone, it may bring a selling opportunity.
Have a look at the key financial instruments on Monday, February 28. Geopolitics is currently on all news frontlines. Western nations escalated sanctions on Russia for the invasion of Ukraine.
Reserve Bank of New Zealand (RBNZ) will reveal Official Cash Rate and make a statement about monetary policy on October 6, 04:00 GMT+3.
Although Jerome Powell’s speech sounded hawkish on Wednesday, September 22, markets did not get scared and the main stock indices got bought back…
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.
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