Istanbul defended democracy, but Erdogan is still in power

FX:USDTRY   U.S. Dollar / Turkish Lira
Hello dear Turkish Lira traders, merhaba arkadaslar! ;)

Istanbul clearly defended democracy on Sunday, giving the counterpart of the AKP, Ekrem Imamoglu, the majority of the votes, even in districts where the AKP had previously a stronghold. Even though Erdogan was not directly up for election, it was a clear message to the government: If you do not count our votes in the election, we will not stand still. The Istanbul mayoral election, which had closed almost 50:50 in the previous election, now went clearly 54 to 46 towards the CHP in the reelection.

What does it now mean for the Lira?

=> While it is clear that the CHP won Istanbul now -and with it almost one third of Turkey's economy- Erdogan is still the man in the land. He controls almost all political institutions, even up to the legislature. While people are on the streets dancing, at the same time the trials against the Gezi Park supporters like Osman Kavala have started.

So, it's back to usual, esp . if the the government intervened before the election to hold the Lira stable: We're currently building a nice Double Bottom on the Daily, which needs to see a break above the Pullback High 'neckline' to see a confirmation.

If we see a breakout here above 5,9 TRY, we could easily reach 6 and above, which would make the green line of my big time-frame analysis from Friday the most likely scenario:

You can check it out if you want, I'll link it under the description.

Selamlar, Deniz from Edgy

Can you read the chart yourself, or are you still dependent on other people like myself to read it for you? Are you an 'illiterate in charting'? Do you have a trading plan with sheets, or are you trading from your head? Are you already making gains over the long-term, like a casino, or are you losing over the long-term, because you have no idea what your strategy is? => Those are all important questions, where are I can help you with. I wish you a good trading! :)

Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.


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