I foresee that (X) will return from this red area. When (X) becomes clear, the true value of (Y) can be said.
Note USDTRY's 92 percent negative correlation with Crude Oil on weekly. Crude oil needs to to trend up for USDTRY to fall. Long terms trends seem to be effected by Crude Oil, as is the case with Mexican Peso and Thai Bath with which heavily Lira correlates (90 and 88 percent). It also has 97 positive correlation with the Natural Gas (XNGUSD) on 4 hrs. Price...
As you see, current bullish move was already predictable from October 2019 using TD (DeMark) breakout projection no. 2. Now, price is facing very strong support - May central pivot range (CPR), May Camarilla S3 reversal level, yearly classic S2 pivot, yearly Fibonacci S3 pivot (did not plot the last 2 to have it more clear - but they are there) all at same point,...
In my previous analysis, I said that the dollar will rise above 7 TRY and we are on the target now. We will see higher prices, my next target is 7.60 levels for the long term.
It has just surpassed the 6.79 level, and is now heading to the next level at 7.10. The MACD is also showing us some bull strenght, and it the candlesticks were strong surpassing the 6.79 lvl (forming two white soldiers, on the 4H chart, and i believe it'll get to three white soldiers) We can also see a strong bullish trend starting around the early days of...
Recognise that this demand for USD is squeezing USDTRY into the secondary macro swing targets at 6.60xx. This is completely inline with the forecasts and all those in leveraged positions are inclined to take profits. We are not out of the woods (yet) and large hands will continue to buy dips in USDTRY as long as we remain in risk-off flows. As widely...
The struggle for democracy is being carried out and as long as Erdogan remains at the helm there is only one direction for TRY. Autocrats are typically sticky in nature and difficult to remove, the attack should first be aimed at the currency which will be the base of the capitulation. Attacking the 7.8 will break local bank and looks imminent as markets receive...
If this plays out, we could see 80 level which is the second support level, also where ,618 fib level is. MACD momentum shows, that selling is going on. Maybe a touch of Sma's and then down.
USDTRY could dip now into 5.45 area to complete small wave X (white label). Then the final move up with wave Y in larger degree X could emerge, which could tag former top of 7.0830. After that the large Y to unfold down to retest the bottom of the entire consolidation at 5.1300
Turkish lira is near to its end, bow trading at 6.1096. Long term technical analysis shows corrections of this trend to S1 support level 5.9880, next target can be S2 level. This levels are calculating based on long term fibonacci retracement, also confirmation fo our analisys can be pattern wedge with trendlines T1-T2. Crossing of T1 will be a signal to sell USDTRY.
that's a big Picture from my last Chart. USD CAN DROP AFTER TRIPLE TOP. Would buy real estate there before Prices will go up like 30-50% in coming years.
Hey Traders, I hope everyone is having a good time as the year is ending and new one is beginning soon; I saw this market or the dollar-Lira which the market has broken the resistance area and then retested, if the market holds above this level and the breakout turns to be real one, then the Lira is going up, my target is the second resistance area which the wig...
The price is near the Support/Resistance Zone. We can open Buy if daily candle will close above. Potential profit will be in 3...5 times bigger than risk. Push like if you think this is a useful idea! Before to trade my ideas make your own analyze. Write your comments and questions here! Thanks for your support!