USDTRY Gearing Up For Another Impulsive Move?
USDTRY has not been shy when it comes to showing off its linear trends as we witnessed staggering
growth of 89% in 2018 and 44% in one month alone in August 2018 reaching a high of 7.0831.
Price consolidated for 2 years after that and broke out in August 2020 and went on to trend to a
high of 8.5777. Price then went on a decline and is currently sitting at a cluster of support in the
form of a previous resistance level turned support at 7.2682 and the daily 200 simple moving average.
Price is currently walking up the 200sma and if this level continues to hold as support then we should
eventually see the bulls force price back up to continue the trend.
USDTRY does reward investors that have patience as the trends, once they come, usually arrives with
force and delivers fast and healthy profits.
We will continue to monitor this forex pair to see how price reacts to its current support base.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
growth of 89% in 2018 and 44% in one month alone in August 2018 reaching a high of 7.0831.
Price consolidated for 2 years after that and broke out in August 2020 and went on to trend to a
high of 8.5777. Price then went on a decline and is currently sitting at a cluster of support in the
form of a previous resistance level turned support at 7.2682 and the daily 200 simple moving average.
Price is currently walking up the 200sma and if this level continues to hold as support then we should
eventually see the bulls force price back up to continue the trend.
USDTRY does reward investors that have patience as the trends, once they come, usually arrives with
force and delivers fast and healthy profits.
We will continue to monitor this forex pair to see how price reacts to its current support base.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
