Turkish Lira/ Turkiye Lira in trouble
The USDTRY improved after a massive freefall when the Turkish president announced changes in monetary policies. We have however seen traders be more bullish for the USDTRY although many traders sold the currency pair earlier this month.
We have now seen multiple confirmation for a bullish run in 2022 with a breakout of the down trend on the H4 timeframe, a double bottom and we are now waiting to get one last confirmation (a breakout of the resistance cluster.
Once we have that breakout, we look to buy the USDTRY aggressively and take profit at 13USDTRY and will wait for a confirmation on either a bullish continuation, a pull back or a market reversal.
Please share your thoughts on this analysis, do you feel it will pullback or keep surging?
We have now seen multiple confirmation for a bullish run in 2022 with a breakout of the down trend on the H4 timeframe, a double bottom and we are now waiting to get one last confirmation (a breakout of the resistance cluster.
Once we have that breakout, we look to buy the USDTRY aggressively and take profit at 13USDTRY and will wait for a confirmation on either a bullish continuation, a pull back or a market reversal.
Please share your thoughts on this analysis, do you feel it will pullback or keep surging?
Trade closed: target reached:
TP1 hit
Trade closed: target reached:
TP2 HIT
