Fundamentals wouldn't tell you that! Political chaos. Current account deficit n°s coming up on Weds. Difficult to see on a technical basis why you point the arrow downwards. H&S top? Or just because it's gone up a lot?
KeTrader
⋅
@Rodders75009, You are right on the fundamentals but if I were to factor in them in all my trades personally I wouldn't be any better. I just am aware of them, Emerging Markets currencies (ZAR, TRY, MXN) are highly volatile not just because of the overall economic fundamentals but traders take advantage of individual events as triggers on levels they are already biased to see good probable ROI.
As for what I see, this is basically it (Link>ibb.co/mMyGbc), convergence... all it takes is a significant dip and a good retrace will ensue. There is no signal for that yet, and it is still bullish.
It is all about levels and probabilities and today was as good as any. If the pending order is not executed I would wait for the next level. Am not buying USDTRY any time soon, but this is a good time for others to buy and that is how just the way it is. Not necessarily being right but making money.