Turkish Lira finds takers in Asia as fears of political crisis eased

Lira (TRY) found takers in Asia, ensuring the USD/TRY eased 2.2% after a failed coup attempt over the weekend eased fears of a political uncertainty, although caution still exists.

Trades above 50-DMA

Despite the recovery in Asia, the spot still sits well above the daily 50-MA level of 2.9303 levels. The pair clocked a high of 3.0497 on Friday after the news of a military coup hit the wires. However, the attempt failed and thus falling political risk ensured the spot fell back to 2.967 levels in Asia.

USD/TRY Technical Levels

The immediate hurdle is seen at 3.00 (June 24 high), above which prices could target Friday’s high of 3.0497. On the other hand, a breakdown of support at 2.9303 (50-DMA) could yield 2.8361 (June 23 low).