Following from the previous expectation for usdtry to drop to 5.5 (retracements and timeline were not appropriately predicted though)
This is a good buying opportunity for the USDTRY pair, as the chart is approaching a daily ascending trend line,
expect price to increase to 7.1 and retrace half way back (6.3 - 6.4 range),
this is based on the fact that TRY's fundamentals havent improved (inflation out of control, large budget and trade deficits)
Be careful with this buy trade if you follow it and place a SL between (4.7 and 5.25 depending on how patient you will be with a potential loss)
This is a good buying opportunity for the USDTRY pair, as the chart is approaching a daily ascending trend line,
expect price to increase to 7.1 and retrace half way back (6.3 - 6.4 range),
this is based on the fact that TRY's fundamentals havent improved (inflation out of control, large budget and trade deficits)
Be careful with this buy trade if you follow it and place a SL between (4.7 and 5.25 depending on how patient you will be with a potential loss)
Comment:
I missed to mention that the 100 day moving average is acting as a near support at approximately 5.48