17.03.2020 USDTRY Analysis

17.03.2020 USDTRY Analysis On the last trading day of the past week, domestic production and retail sales data were followed, while the University of Michigan consumer confidence was followed in the USA. On the first trading day of the week, the Fed surprisingly went down to a 100-point interest rate cut, dropping its funding interest to a range of 0 to 0.25 percent and committed to increasing bond purchases by at least $ 700 billion. During the day, the Central government budget posted a deficit of 7.36 billion TL in February, while the New York Branch Manufacturing Index in the USA fell to a negative level of 21.5, falling to its lowest level since March 2009. While the effects of the virus being spread in global markets, Health Minister Fahrettin Koca, has announced that the number of cases in Turkey rises to 47. At the end of the day, it was observed that the exchange continued its upward movement with the announced data and developments. When analyzed technically, it was observed that the Dollar continued to be determinant at 6.42 level. If the trend in the currency continues with the upward movement along with the future purchases, 6.45, 6.48 and 6.52 levels are important resistance levels to follow. 6.39, 6.36 and 6.32 support levels can be followed in the downward movement of the possible sales and the downward trend in the exchange rate. [mstock id = "1597"]