The Turkish lira provided one of the more notable moves of the day, surging 0.6% against the dollar after reports that they expect President Trump to protect them from sanctions imposed by U.S. Congress over Ankara’s planned purchase of a Russian missile defense system. US officials have been vocal about using CAATSA sanctions if Turkey finalized a deal with Russia.
Price action on the USD/TRY daily chart shows price has tentatively found resistance from the 5.8000 handle. If today’s pullback continues, key support may come from the 200-day SMA, which currently trades around the 5.5356 level. Major support lies at the 5.4400 level.
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Ed Moya
His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.
Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news.
Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal.
Ed holds a BA in Economics from Rutgers University.
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