Turkey are not out of the woods just yet...

FOREXCOM:USDTRY   U.S. Dollar / Turkish Lira
=> The most recent rally failed to test the highs and implies that we are set for some period of corrective activity.
=> Bulls are taking profits as the momentum runs out of steam and this will provide the catalyst for the break of 5.9744. A close below here would then unlock the 38.2 fib levels next.
=> Similarly to our USDRUB and USDINR ideas, EM currencies are set up for quirky bearish trend reversal.
=> Good luck all
Sep 25
Comment: I am not saying things are perfect but the 25% yield in Turkey is starting to look very attractive... another way to play this is 6.00 / 5.50 put spreads for the final Q
Sep 27
Comment: We are breaking here...
Oct 16
Comment: As anticipated "a break of 5.9744 will unlock a test of the 38.2%"
Thank you for your great analysis, what do you mean by "we are breaking here" ? Do you think that we are heading down to the 5.70 support level ? Is it possible to long this beauty somewhere between 5.25 - 5.70 ? Thank you for your ideas :)
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