FX.co ★ Elliott wave analysis of USD/TRY for June 9, 2023

Just a few weeks ago on May 24, we took a look at USD/TRY and called for more upside towards at least 20.93 and possibly higher towards 26.92 as the next upside targets. Well, 20.93 has been broken without any problems, not even the slightest consolidation and USD/TRY is now headed higher towards 26.92.

Inflation in Turkey is already a major problem and the risk of hyperinflation is huge. If Turkey enters the stage of hyperinflation, then 26.92 or even 30.74 will be surpassed as there is no resistance there at all. Turkey is in a tough spot at the moment and newly appointed Central Bank chief Hafize Gaye Erkan is facing some serious decisions.