We are observing a long-term trend of the depreciation of the Turkish currency. According to the Trend-Based Fib Extension, the 161.8% level is a good resistance and a target for the bulls. At the moment, USDTRY is pressing its ATH and consolidating under it.
I expect an impulse breakout and a continuation of the uptrend.
Best regards EXCAVO
Economy keeps crashing in the hands of "strong man" Erdogan, who has fired every Head of Turkish Central Bank who tried to stop him fulfill his own Turkish Dream of hyperinflation in which business is no longer possible as the cost of imports and commodities rises daily. Erdogan's genius policy in a world where growth and investment is stalling is to keep slashing...
Back on March 31 of this year I posted this charts below. Unfortunately I had tried to demonstrate the imamate collapse of the TRY
and posted the chart of TRYUSD instead of posting the correct ticker USDTRY. As such I marked long TRYUSD instead of Long USDTRY.
None the less the comments do not signal bullish for the TRY. it has lost 40% of its value in just days...
Unfortunately, significant resistance has been lost in the logarithmic chart. But in a normal chart, the Turkish lira can be corrected by approaching the resistance frontiers. But what is not unexpected in the medium term is a further depreciation of the lira against the US dollar to at least 16.
This is for entertainment purpose only.
If we consider Elliott Waves count on a Point and Figure Chart, one may see a possible wave count.
The count is imaginary which may reflect the current and future sentiment on the Turkish Lira Trend.
Usd turkish-lira after getting the record price and can make some stability at here so i think will make a retest to down and then will try to continue their upward.
Entry: under 8.85
Tp.: 8.79 & 8.74 & 8.65
My previous idea about USDTRY : in the below.
TRY has been weakening against USD for a long time.
Last week, Turkish Central Bank slashed its key interest rate to 18%, and the inflation in the country is more than 19%.
From USDTRY log chart we can see the clear uptrend and the price movement is tightening forming a rising wedge. The ratio is climbing but with lower and lower momentum. RSI is also...
How to Calculate Andrews' Pitchfork
Andrews' Pitchfork can be easily applied to price charts without a specialized drawing tool.
Point 1: starting point of uptrend or downtrend.
Points 2 and 3: reaction high and reaction low in the uptrend or downtrend.
Point 1 = starting point of median trend line.
Distance between Points 2 and 3 = channel width.
Draw and extend...
USDTRY'nin olasi gelecek senaryosunda 9.40 hedefine 2022 ilk ceyreginde vuracagini, yil icinde turizm gelirleri ve ihracat kalemlerinin 2020 ve 2021'de yasanan kuculmeleri bir nebze rahatlatacagini, muhalefetin guclenip iktidar partisinin zayifliyor olsunun yarattigi erken secim psikolojisinin hakim gorunumde agirlik sahibi olacagini ongoruyorum. Bunlarin yaninda...