ridethepig | Squeeze!

FOREXCOM:USDTRY   U.S. Dollar / Turkish Lira
Recognise that this demand for USD is squeezing USDTRY into the secondary macro swing targets at 6.60xx. This is completely inline with the forecasts and all those in leveraged positions are inclined to take profits. We are not out of the woods (yet) and large hands will continue to buy dips in USDTRY as long as we remain in risk-off flows.

As widely mentioned "local banks will come under pressure and show severe distress above 7" ...increasingly this is becoming the target as weak fundamentals and dictators limit ability to invest in the currency. Expect some consolidation over the coming days before further funding issues add upward pressure via USD demand.

Good luck all those buying the dips, highly recommend tracking TRY as a good benchmark to health in EM FX. Thanks for keeping the support coming with likes, as usual jump into the comments with your charts, view and etc!


Your Elliot Wave analysis is very funny, actually. :)
ridethepig Dejavu_07
+1 Reply
Great idea. Love it
ridethepig khnfkta
Thanks @khnfkta
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