Midterm forecast: There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 5.0000 would begin in Midterm. Technical analysis: The RSI support #1 at 48 is broken, so the probability of resumption of uptrend is decreased. While the RSI downtrend #2 is not broken, bearish wave in price would continue. Price is below...
Midterm forecast: There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 5.0000 would begin in Midterm. Technical analysis: The RSI support #1 at 48 is broken, so the probability of resumption of uptrend is decreased. While the RSI downtrend #2 is not broken, bearish wave in price would continue. Price is below...
Finish downtrend, low of the week around ~tuesday, retrace to 6.28, then the pastor is freed so lira can go below 5.5
Next week = uptrending, low of the week will be around tuesday If next week is uptrending, the week after that pastor will be released on the 11th of October
USDTRY is trading within a +2 month long Triangle on 1D (RSI = 45.814, ADX = 15.914). The Lower High sequence (Highs/Lows = -0.0144) is limiting the upside potential to 6.2000 and is narrowing down the trading width to the point that the 5.95884 - 6.01186 buying zone should break. If it does, we will target 5.70. On any other occasion we will be idle.
Which is a bit weird because there are a lot of sell stops below
Western media is doing everything to get lira below $5.5 so (((they))) can stock up on longs and then destroy the lira pushing it above $7.1 -Central bank increasing interest rates, Turkey trying to regain investor confidence, talks about pastor A lot of money to be made on this conflict. Short the retrace, and long below 5.5
Symmetrical triangle usually forms during a trend as a continuation pattern. so there is a higher chance of breaking out to the DOWNSIDE
It looks like all 5 waves are in place within a triangular consolidation mapped earlier (see related). The structure was completed faster than expected. Another drop of lira is ahead to hit the minimum target above the 7 handle.
Turkey Lira find bottom against US Dollar now? President Erdogan doing everything to hold up the economy bully from US Government under Trump administrations. I think If this effort holds up we're praying that their country getting better, because their role is quite significant in Middle-East countries for muslim community all over the world. Turkey will be one...
Lira could drop after finishing triangular correction to hit at least the earlier top at the 7.08
Let us see how the trend is developing?
Let us watch the shown channel for next big move!