botje11

USDTRY Double bottom, Part 3

FX:USDTRY   U.S. Dollar / Turkish Lira
In my previous analysis i showed a possible flag pattern could be formed against the resistance of the double bottom neckline. So far that is exactly what happend. On the right we can see the shape of a triangle. All triangles can breakout both ways, but since this one is an ascending which is being formed against a resistance zone , it is more likely to see it break upwards. If that happens, we should see an acceleration towards 5.6/5.7, otherwise there will be a chance for a false breakout.

If the triangle breaks down, we could see a test of the 5.4 or even to 5.34 if the first one breaks. So far the double bottom pattern is playing out as it should. The start was a bit slow, but we got a small acceleration the past 2 weeks. So the pattern looks legit so far. Target of the pattern is at the yellow circle.


Previous analysis:

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Target hit. What's next @botje11 ? Cheers
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Any updates?
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But Cenral Bank of Turkey might not let this because of election on March 31.
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botje11 alpdemalp
@alpdemalp, Don't know if the Central bank can do anything about it. Of course they can make promises, but eventually the market follows to what it think is real.
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alpdemalp botje11
@botje11, excellent, thanks
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