Looks like bulls are still controlling the market as it recovered after Turkish Central Bank increases interest rates.
* Turkish central bank's statements should be followed closely.
* #DXY is testing a important resistance. This week we are on an interesting path.
* I drawn my expectation on the chart. It might not be the exact same but this is the scenario I'm expecting.
I've been following USDTRY since 2 years closely.
I'm not trading fiat currencies but only cryptocurrencies and I'm not analyst. I'm just economy enthusiast.
My comment about TRY:
The decision by the central bank of Turkey is a disgrace(Turkish Central Bank increased the interest rates). 1.5-2 years ago, Turkey had set up fixed rate and must make a devaluation.
If the devaluation had been done, even if the devaluation was done at a high level, it would be much easier to process and evaluate it over that worthless money. For example the goverment could sell 100 million dollars in the hand, buy products which is domestic production, create money flow, make production incentives, and because of the reduced costs outgoing money will decrease.
But the government funnily kept the currency at the level of 3.6, making it the foolish currency. If you are doing this, you have to stop the outgoing money in the country in parallel. If you keep the value of the currency you should import the technology with the money you have, not the product so that when the event starts to break out you can close the event by exporting and even keep the currency at that level for a few years even before the event breaks out. But the current government for 16 years invested on mostly construction and they've done the job sketchy, events here erupted economy began to flee.
* Turkish central bank's statements should be followed closely.
* #DXY is testing a important resistance. This week we are on an interesting path.
* I drawn my expectation on the chart. It might not be the exact same but this is the scenario I'm expecting.
I've been following USDTRY since 2 years closely.
I'm not trading fiat currencies but only cryptocurrencies and I'm not analyst. I'm just economy enthusiast.
My comment about TRY:
The decision by the central bank of Turkey is a disgrace(Turkish Central Bank increased the interest rates). 1.5-2 years ago, Turkey had set up fixed rate and must make a devaluation.
If the devaluation had been done, even if the devaluation was done at a high level, it would be much easier to process and evaluate it over that worthless money. For example the goverment could sell 100 million dollars in the hand, buy products which is domestic production, create money flow, make production incentives, and because of the reduced costs outgoing money will decrease.
But the government funnily kept the currency at the level of 3.6, making it the foolish currency. If you are doing this, you have to stop the outgoing money in the country in parallel. If you keep the value of the currency you should import the technology with the money you have, not the product so that when the event starts to break out you can close the event by exporting and even keep the currency at that level for a few years even before the event breaks out. But the current government for 16 years invested on mostly construction and they've done the job sketchy, events here erupted economy began to flee.
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