=> For those who believe in the bearish Turkey story, yet again we are at significant value areas for USDTRY longs. The 5th wave we mentioned in our previous idea can be seen clearly here and shows how the floodgates for 7.80 are wide open.
=> From a technical perspective the 5th wave target, the first major target is 6.78 (assuming wave 5 is a 1.00 ratio in...
The USD/TRY currency pair is moving in a gradual uptrend. We can expect prices to fall towards the support formed by the trendline and possibly buy orders can be placed here
=> Here are once more tracking the 5th wave in the USDTRY. The market has been corrective since August and now it is looking like we have completed the ABC which targeted 5.30.
=> This level was marginally pierced but it never saw any break with momentum which is screaming early alerts for those expecting the bleeding to continue for Turkey to start sticking the...
Blue labels indicate that the correction is over within WXYXZ triple three corrective structure and we can retest the former top above TRY 7.
White labels imply longer consolidation within WXY double three pattern with retesting of former low before the final devaluation.
Both maps show that lira could weaken to 6+ level first.
TRY/JPY is currently weak and could potentially break it's bullish support and fall further down.
Place your SL above the high of the current consolidation zone.
To play it safe, one can simply place a Stop Sell order right below the 50 EMA on the 6H chart or simply the current support line to catch the move as it breaks its current support.
I would personally...
Follow the trends. It pays off when trading. This pair correlates great with USDTRY, which has been a Gem for me & my network. Do you agree with my analysis? Comment Below!!
