USD/TRY holds steady around 12.50 amid Turkish Presi. Erdogan’s comments

• USD/TRY sidelined around 12.50, as the lira remains unfazed by Erdogan’s speech.
• Erdogan said new economic measures have achieved goal.
• 50-DMA caps losses while 21-DMA is the level to beat for the bulls.

USD/TRY is trading almost unchanged on the day, around 12.50, at the time of writing, as the lira pays little heed to the latest comments from Turkish President Tayyip Erdogan.

Erdogan said that he will not let Turks be crushed under interest rates and inflation.

Additional quotes

Speculative financial games tried to bring down turkey.

Domestic forces also played games against Turkish economy.

Thwarted all games against economy, continues path with god's help.

He will not Turks be crushed under interest rates, inflation.

Turkey will emerge victorious from economic battle.

There are obstacles, risks, traps but turkey's determination will overwhelm these.

There will be no early elections.

New economic measures have achieved goal.

Turkey not doing anything against free market rules, ensuring speculators leave economy alone.

Those calling to buy forex now have had their "brains watered down".

His comments come after the domestic currency staged a historic recovery rally from record lows of 18.37, helped by Erdogan announced a rescue plan to compensate savers for currency moves that have eroded the value of bank deposits held in the lira.

Looking at USD/TRY’s technical chart, the spot is attempting a tepid bounce, holding comfortably above the 50-Daily Moving Average (DMA) support at 11.49.

Meanwhile, the horizontal 21-DMA at 13.63 will continue guarding the upside.

The indecisive price action in USD/TRY is justified by the 14-day Relative Strength Index (RSI), which is trading at coin flip levels.

USD/TRY: Daily chart