Turkish lira may cheapen again

Business Materials 1 November 2018 10:02 (UTC +04:00)

Baku, Azerbaijan, November 1

By Taleh Mursagulov - Trend:

The probability of the re-cheapening of the Turkish lira against the US dollar remains high, the InvestAZ investment company said in a daily summary Oct. 31.

"Despite the fact that there is a continuation of the downward trend on the hourly chart of the USD / TRY currency pair, the possibility of re-cheapening of the Turkish lira should be kept in the center of attention," the company’s analysts said.

According to the forecasts of the analysts, if the price of USD / TRY reaches the level of TL 5.5724 in the upstream direction, then in the future, we can expect the Turkish lira to fall in price to TL 5.7146 and TL 5.8454.

In the alternative option, the analysts point out that the USD / TRY rate may reach TL 5.2681 and TL 5.1807 if the price falls beyond the TL 5.431 level in a downward direction.