18.03.2020 USDTRY Analysis

18.03.2020 USDTRY Analysis On the first trading day of the week, the Fed took a surprise 100 basis point rate cut to a range of 0 - 0.25 percent and pledged to increase its bond purchases by at least $ 700 billion. On the second trading day of the week, weak domestic economic data continued to flow, while the Central Bank of the Republic of Turkey convened an emergency meeting and cut interest rates by 100 basis points and pulled the policy interest rate to 9.75 percent. Earlier in the day, U.S. retail sales in February fell 0.5 percent before coronavirus's effects on the economy were yet to be seen, while industrial production data rose 0.6 percent. As the effects of the virus continue to spread on global markets, the first vaccine against coronavirus in the United States has been tested on volunteers. At the end of the day, it was observed that the exchange rate continued to move downward with the data disclosed and the developments that followed. Today's meeting to fight coronavirus, which President Erdogan will chair, will follow. Technically, the dollar remains decisive at 6.39. 6.42, 6.45 and 6.48 levels are important resistance levels that should be followed if the trend in the exchange rate continues to move upward with possible purchases. With possible sales, support levels of 6.36, 6.33 and 6.30 can be followed in the downward movement of the trend in the exchange rate. [mstock id= " 1597"]