The current political uncertainty in Turkey is what drove that sharp rally in the first place, and the current consolidation is, for me, a signal of momentum build-up that will cause another spike following further uncertainty in the country. The reason for this is that tourism could be affected, thus causing investors to stay away from the currency, buying...
Bearish divergence on the RSI, indicating a possible short opportunity. This is strong divergence as we are still in the overbought region. Seen a strong rally in the USDTRY recently over the political uncertainty in Turkey. We are seeing a consolidation at the top as the market gains some relief over the strength of the rally. This is a way to play that consolidation.
USDTRY 1D IDEA - Effect of Triple top pattern, Elliott waves + broadening patterns
I'll be monitoring this pair for a short entry soon, if we break the weekly support, and expand the daily range down we might get sufficient reason to get involved on the short side. The setup is purely technical, I'm not considering Turkish fundamentals but if anyone wants to expand on them, maybe they can shed some light on this setup. Feel free to leave your...
CD leg with a 1:1 ratio with the XA leg falls into the blue region shown on the graph (which is also a confluence of the 0.786 retracement and 1.272 extension, so will look for this as an entry point . Stop loss is based on previous structure support as shown by the horizontal red line. Not only is this a nice Gartely, but we also have the entrance point on...
Thoughts on Chart. Although after a period of consolidation the price can go either direction, my bets are on a move down. Here are the reasons. 1. MACD crossover. 2. Downwards trending 100 MA. 3. All factors that have damaged the price have already been factored in. Unless war breaks out, I'd say a drop is likely. 4. Buying Turkish Lira pays very well. Great...
Geo - Political News; Due to Turkish Armed Forces trespassed the Syrian border without parliamentary approval, USDTRY has increased. By the way, there are some rumours that presidency election is planning to be held in June 2016 Brainstorming; In case, it gets covered by the strong red trend's bottom line as a short-term support, it may try the all-time top...
Brent crude has been able to rally on little volume during the U.S. banking holiday and rumors surrounding a potential unified OPEC production cut, issued by the UAE energy minister just as WTI was carving out a 12 year low (and in the middle of the night, local time, no less.) Four days later, there has been no new reports of said production cut proposal, but...
Turkey is involved in a lot of (geo)political, military and terrorism concerns. Despite relative EUR weakening and low oil price, TRY is loosing its strength due to the risks inherent to the country. On technical daily side, PA is above the cloud. We may see a retracement soon towards the twist and then a rise towards the highest levels of 2015. Impatient traders...
USDTRY - Elliott waves All Times...IDEA
If I am wrong please correct me....
FIRST TARGET 3.07 THERE IS A RESISTANCE. WE WILL SEE BREAK OR NOT...