USDTRY moves to a new post coup high (and record highs)

S&P lowers rating

The USDTRY has moved to new post-coup highs after S&P lowered the credit rating on the back of increased polarization of Turkey's political landscape and expects a period of heightened unpredictability.

The USDTRY is looking to test the September 2015 high price at the 3.07359 level. The 2016 high from the January 17th week at 3.06065 has been broken (it was just broken by a few pips).

The surge higher has just stalled at the old record high for the pair. SHould the pair correct, traders will eye the 38.2-50% of the last leg higher as support. It also corresponds with the earlier high for the day and yesterday.

Of course, you can choose to not trade it too....