Note USDTRY's 92 percent negative correlation with Crude Oil on weekly. Crude oil needs to to trend up for USDTRY to fall. Long terms trends seem to be effected by Crude Oil, as is the case with Mexican Peso and Thai Bath with which heavily Lira correlates (90 and 88 percent). It also has 97 positive correlation with the Natural Gas (XNGUSD) on 4 hrs.
Price formed ascending scallop pattern (Lira trends in scallop series), classified as short term bullish continuation pattern. Ascending scallop reversals perform better than continuations. Narrow scallops take less time to reach ultimate high than short ones. Tall patterns perform better than short ones. Scallops get narrower and shorter when compared with prior scallops in series. For more, refer to Bulkowski's Encyclopedia of Chart patterns. Chapter 41. Scallops, Ascending.
Price is moving in rising channel. Uptrend on weekly. Intermediate pullback. For trend change, channel needs to be broken to the downside.
Since price broke May roof it should eventually hit R5 (7.42) - I marked the target.
But first we should reach weekly S5, after breaking weekly support S4.
Price below May A down pivot and will make a loop swing below it.
The size of that loop might vary. The loop's bottom will be either at weekly S5 or at yearly R4.
Top correlation 4 hrs
1 USDTRY - EURTRY 99.0%
2 USDTRY - GBPTRY 97.2%
3 USDTRY - EURCZK -92.2%
4 USDTRY - USDTHB 87.5%
5 USDTRY - XNGUSD 87.2%
6 USDTRY - USDCZK -85.8%
7 USDTRY - GBPCHF 84.1%
8 USDTRY - EURGBP -84.1%
9 USDTRY - GBPCAD 82.2%
10 USDTRY - GBPNOK 81.6%
Top correlation 1 day
1 USDTRY - GBPTRY 92.2%
2 USDTRY - EURJPY -91.3%
3 USDTRY - AUDNZD 88.9%
4 USDTRY - CHFJPY -88.4%
5 USDTRY - AUDCAD 87.4%
6 USDTRY - AUDCHF 86.5%
7 USDTRY - EURTRY 83.6%
8 USDTRY - AUDSGD 83.3%
9 USDTRY - AUDUSD 81.2%
10 USDTRY - EURSGD -80.3%
Top correlation 1 week
1 USDTRY - GBPMXN 95.0%
2 USDTRY - XTIUSD -92.9%
3 USDTRY - XBRUSD -92.8%
4 USDTRY - GBPTRY 92.5%
5 USDTRY - EURTRY 92.5%
6 USDTRY - USDZAR 92.3%
7 USDTRY - EURZAR 91.5%
8 USDTRY - NOKSEK -91.5%
9 USDTRY - USDMXN 90.1%
10 USDTRY - CADCHF -89.7%
Price formed ascending scallop pattern (Lira trends in scallop series), classified as short term bullish continuation pattern. Ascending scallop reversals perform better than continuations. Narrow scallops take less time to reach ultimate high than short ones. Tall patterns perform better than short ones. Scallops get narrower and shorter when compared with prior scallops in series. For more, refer to Bulkowski's Encyclopedia of Chart patterns. Chapter 41. Scallops, Ascending.
Price is moving in rising channel. Uptrend on weekly. Intermediate pullback. For trend change, channel needs to be broken to the downside.
Since price broke May roof it should eventually hit R5 (7.42) - I marked the target.
But first we should reach weekly S5, after breaking weekly support S4.
Price below May A down pivot and will make a loop swing below it.
The size of that loop might vary. The loop's bottom will be either at weekly S5 or at yearly R4.
Top correlation 4 hrs
1 USDTRY - EURTRY 99.0%
2 USDTRY - GBPTRY 97.2%
3 USDTRY - EURCZK -92.2%
4 USDTRY - USDTHB 87.5%
5 USDTRY - XNGUSD 87.2%
6 USDTRY - USDCZK -85.8%
7 USDTRY - GBPCHF 84.1%
8 USDTRY - EURGBP -84.1%
9 USDTRY - GBPCAD 82.2%
10 USDTRY - GBPNOK 81.6%
Top correlation 1 day
1 USDTRY - GBPTRY 92.2%
2 USDTRY - EURJPY -91.3%
3 USDTRY - AUDNZD 88.9%
4 USDTRY - CHFJPY -88.4%
5 USDTRY - AUDCAD 87.4%
6 USDTRY - AUDCHF 86.5%
7 USDTRY - EURTRY 83.6%
8 USDTRY - AUDSGD 83.3%
9 USDTRY - AUDUSD 81.2%
10 USDTRY - EURSGD -80.3%
Top correlation 1 week
1 USDTRY - GBPMXN 95.0%
2 USDTRY - XTIUSD -92.9%
3 USDTRY - XBRUSD -92.8%
4 USDTRY - GBPTRY 92.5%
5 USDTRY - EURTRY 92.5%
6 USDTRY - USDZAR 92.3%
7 USDTRY - EURZAR 91.5%
8 USDTRY - NOKSEK -91.5%
9 USDTRY - USDMXN 90.1%
10 USDTRY - CADCHF -89.7%
Comment:
USDTRY positive correlation with Natural Gas is at 87.2 % on 4 hrs, I typed 97 %, apologies:)
Trade closed: target reached