{"id":15491,"date":"2010-11-17T08:15:49","date_gmt":"2010-11-17T13:15:49","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=15491"},"modified":"2010-11-17T08:15:49","modified_gmt":"2010-11-17T13:15:49","slug":"dollar-rebounds-strongly-against-turkish-lira","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/11\/17\/dollar-rebounds-strongly-against-turkish-lira\/","title":{"rendered":"Dollar Rebounds Strongly against Turkish Lira"},"content":{"rendered":"<p><strong>By Greg Holden<\/strong> &#8211; Following with the pattern of <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2010\/11\/16\/asian-slowdown-sparks-dollar-rally\/\">growing USD strength<\/a>, it appears the Turkish lira can be added to the list. The <a href=\"http:\/\/www.forexyard.com\/en\/trading\/usd-try\">USD\/TRY <\/a>has  risen 0.5% over the past few days following a move by Ankara to curb  liquidity by raising bank reserve requirements from 5.5% to 6.0%.<\/p>\n<p>Bank lending in Turkey has grown at an  average of 0.8% per week since January and there is a growing concern  that banks may be overextending themselves in an effort to fuel growth.  The result of this latest move by Turkey\u2019s central bank was a sharp  depreciation of the lira against the dollar.<\/p>\n<p>The pair has moved from a price of 1.4008 just two weeks ago, upward  to a current price of 1.4616. We can see on the chart below that the  pair reached a significant support level near 1.4012, but failed to  breach. The <a href=\"http:\/\/www.forexyard.com\/en\/relative-strength-index-rsi\">RSI<\/a> and <a href=\"http:\/\/www.forexyard.com\/en\/stochastic\">Stochastic (slow)<\/a> both recently displayed bullish indicators and are currently both  moving in a bullish direction, which suggests growing upward momentum  for the pair.<\/p>\n<p>If we follow the signals being shown on this chart, and support it  with the fundamental devaluation taking place in Turkey, we can assume  that this pair will be targeting the <a href=\"http:\/\/www.forexyard.com\/en\/fibonacci-retracement\">50% Fibonacci <\/a>level  near a price of 1.4804 over the next few trading days. If momentum  remains constant beyond that level, we could also see an extension of  these bullish gains upward into the 1.50\u2019s.<\/p>\n<p><strong>USD\/TRY \u2013 Weekly Chart<\/strong><\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/11\/USDTRY-Weekly-Chart.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/11\/USDTRY-Weekly-Chart.JPG\" alt=\"\" width=\"590\" height=\"767\" \/><\/a><\/p>\n<p><em><strong>Forex <\/strong><strong>Market Analysis provided by <a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">ForexYard.<\/a><\/strong><\/em><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                                                                                                                                       may         not       be                   suitable         for            all                                   investors.                    There             is     a                                                             possibility                      that                               you                  could                          sustain  a           loss                of      all              of               your                                                     investment        and                                            therefore       you                                     should         not                           invest                            money         that             you                                      cannot                     afford   to                               lose.        You                                  should            be                  aware            of                        all               the              risks                                            associated                 with                      Foreign                              Exchange                                   trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following with the pattern of growing USD strength, it appears the Turkish lira can be added to the list. The USD\/TRY has risen 0.5% over the past few days following a move by Ankara to curb liquidity by raising bank reserve requirements from 5.5% to 6.0%.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-15491","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/15491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=15491"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/15491\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=15491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=15491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=15491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}