The pair is on a strong uptrend on 1D (RSI = 58.592, MACD = 0.072, Highs/Lows = 0.0000) forming the right side of the 1W cup formation. It appears that the uptrend targets the Lower Highs of the previous downtrend in the form of Resistance Levels. Based on this we are long with 6.38740 our next TP and 6.64497 the extension.
** If you like our free content...
We can get a long trade if the price close
above strong resistance channel at 5.8600
TP2 : 6.2000
stop lose : 5.7800
If the price breakdown upward channel
we can get short trade or wait for new
long trades from
5.64500 and 5.5100
with small stop lose
This is not an investment recommendation or any call to buy or sell
It is just an...
Pattern: 1W Channel Up.
Signal: Bearish once the price makes a Higher High.
Target: Around -10% from where the Higher High is made.
*If 6.22990 breaks, close and wait for a new (quite possibly more aggressive) bullish pattern to trade.
=> For those who believe in the bearish Turkey story, we are in the early stages of a 5th wave which we mentioned in our previous ideas... it can be seen clearly here and shows how the floodgates for the highs are wide open.
From a technical perspective the 5th wave target, the first major target is 7.85 (assuming wave 5 is a 1.00 ratio in length of wave 1)....
Just dropping a though about the recent correlation between the fall of TRY and surge in Bitcoin, that came simultaneously (within days).
This can be explained by capital flowing through the black market, having bitcoin as a medium.
Investors wanting to flee, converting the turkish to bitcoin then converting the bitcoin to another currency.
It looks like bitcoin...
After a continues growth of dollar against Turkish Lira in last few days , now we can see a down fall towards 5.87
Sell at 6.02 - 6.03
Take Profit at: 5.8724
Do your trading with proper fund management
If you get involved in provocative acts, saying ‘foreign currencies will strengthen, this will happen, that will happen’, you will pay a very heavy price - Erdogan
Fundamental Quant Score +60
Fundamental Quant Score -4
Investors seek reforms, fear populism
Lira initially weakened 2.5 percent
Shares rise 1 percent (Updates lira, adds London swap rates,...
Some thoughts on Turkish Lira:
- Year long accumulation is over
- Volume is picking up
- Weekly bullish order block/demand zone retested
- Forget hitting Targets, I think we are in the game for price discovery
- Clean downward break thru demand zone and close below may invalidate current PA
Of course not financial advise. DYO Home work.