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!
Hi, First of all, I am not an elliott expert. So, you should not open any positions with this analysis. If my analysis true, I am seeing an ending diagonal at 5.th wave. Ending diagonals can be seen at 5th. wave of bigger degree motive wave, or C wave of bigger degree of correction wave. So as you can see in the chart, I am expecting a rise before a big...
Hello my dear Turkish Lira traders & everyone else who is interested in the ongoing Turkish Lira crisis. As always, we look at the fundamental news first, and second at the technical analysis. Important fundamentals: -The Turkish government has ruled that exporters might convert 80% of their foreign exchange revenue into Lira within 180 days -The central bank...
The Turkish Lira has been depreciating against the US Dollar in an ascending channel since the middle of August. Currently, the rate is being supported by the 55– and 100-hour SMAs on the 1H time-frame. Given that technical indicators flash bullish signals both in the short and the long terms, it is expected that the pair could go to the upper boundary of given...