Now is a suitable time to long usd against turkish lira. Turkish Central Bank refused to increase the base interest rate which is sitting at 7.5% We expect this trade to take 2 to 3 weeks. Cheers! Invigilo FX
Little Breakout comes with a retest of support I already took it
Previous up trends ended with %28-29 rise. Also touched to 2009 - 2010 support trend. Now there is a dilemma.104 with %28 rise or 116 with touching to 2009 - 2010 trend and 43% rise.
The price has broken strong resistence and trend lines for USDTRY parity. It was in a range play for a while but today we saw the USD's power. As we all know the greenback is one of the strongest currency in these days, this movement can continue to 2.22 area. Target: 2,2240 Stop Loss: 2,1845
The sideways market seems to end in the upcoming time. Therefore I tend for more upwards pressure.
I think it will affect to try 2,25 resistance after moving up the channel. Divergencies at CCI and RSI confirm it. What do you think?
USDTRY is entering into a seasonal period where the country will host a lot of tourist. That is why, despite the lowering of the interest rate, TRY may not jump very high above 2.15 unless there is a geopolitical situation against Turkey or a suprise in the Presidential Election. At then end of August and with the end of the touristic season, TRY may start again...
MACD and a break below support hints of a renewed interest in emerging economy currencies. Enjoy your holidays!