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USD/TRY bulls resume on trend line support but restrained @21DMA

FX:USDTRY   U.S. Dollar/Turkish New Lira
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USD/TRY bulls resume on trend line support but restrained below 21-DMA, major trend goes in non-directional – Speculate boundary binaries:

Technical glimpse:

Bulls have bounced back after taking trendline support at 2.9374 levels, but restrained at 21DMA. One can easily make out the bullish effects as and when it approaches the uptrend line. That’s where even RSI evidences the strength in these bullish sentiments.

The current prices on the monthly graph are well above EMAs that keeps having hopes ongoing upswings. So, a jump above 21DMA can drag upswings up to 2.9939.

But on the flipside to begin with 2016, USDTRY             has been struggling to continue the long-term robust bull trend, a sharp "shooting star" pattern candle formed at peak of 2.9466 on monthly charts and it has evidenced its bearish effects in the H1 of 2016.

You can spot out the stiff resistance levels at this juncture at 2.9824, 2.9939 and finally at 3.06 levels.

Uptrend drifts in sideways from last more than a year or so, but bulls holding stronger even though the leading oscillators’ divergence is clearly visible, this evidences bullish momentum wiping off and little weakness can be seen for the major trend.

Trade tips: One can expect higher targets in short run about 100-120 pips if the rallies take it above 21DMAs which is currently struggling.

Well, responding to the CBRT’s easing, the pair shows little strength for short term traders and the clarity for the long term investors is still awaited.

On the intraday speculative basis, one can deploy boundary binary options for targets across 50-60 pips.

Upper strikes – 2.9565; Lower strikes - 2.9406 levels (i.e. day lows & trendline support), rewards certain if spot remains between these strikes.

The trading between these strikes likely to derive certain yields in this puzzling trend and more importantly these yields are exponential from spot FX.

For cash or nothing, these options would be exercised if the forward prices to remain between both strikes (i.e. 2.9565 >Fwd price >2.9406).
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