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Major Diagonal Support could violate as Geopolitics in Turkey ^

FX_IDC:TRYUSD   TURKISH LIRA / US DOLLAR
8 0 1
Once again, the international community is getting jittery about Turkey in the morning US Cash session. The LIRA TRY/USD is -156bps nearing the lows of Coup announcement lat Friday. I-SHARES MSCI:TUR is extending losses -441bps on the session piercing through Friday’s low. We’re are seeing a delayed reaction of global markets digesting the geopolitical instability of the 18th largest economy in the world.

In recent news, Erdogan started the week by purging academia, government, military, and judicial personnel. So alarming, that the UN human rights chief has expressed a worrisome mood. Reports of Erdogan not ruling the death penalty which may suggest a break off of NATO.

Summary: Central Bank distortions of the market have calmed markets who have not properly digested the instability in the Turkish Region. Looks like today, as TUR             and LIRA are seeing sell pressure, there are entities preparing. We are not ruling out flare ups in the region as a second coup attempt in news reports are still possible.
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