USDTRY is now below 7.0 level and in final stages of an extended 5th wave, but there's still room down to 6.75 level. However, keep in mind that bounce and recovery may occur anytime soon, but only if we se decisive break back above channel resistance line and 7.23 region would confirm the bottom.
MSCI iShares Turkey ETF is once again coming up to a solid resistance level (third try so far, no break) and its RSI is coming off overbought (80+) in negative divergence... Meanwhile, Lira pairs like USD/TRY and EUR/TRY are around their 200-day moving average, and it looks like we are good to buy soon for the next leg up. Keep an eye on these pairs... Francesco
Hello traders, given that the current situation is very, very similar to a technical scenario back in 2018, I think we should now be shifting to a long bias, though confirmation is crucial in the next few days. After the descending triangle was finally broken to the downside, a flush of selling came into being but it has since fizzled out and the MSCI iShares...
Update from my last video at the start of the week... This week brought no resolution to this stall/congestion, and we will have to wait and see what February brings. The central bank of Turkey has an MPC meeting on the 18th Feb. ( www.tcmb.gov.tr ) so if nothing moves until then perhaps it will do so afterwards, depending on what they say. For now it looks...
USDTRY USD TURKISH LIRA - BULLISH DIVERGENCE ON Daily Chart
It is pretty debatable but lira may hit an ATH or at least lira had a local top. The fundamentals are bleak or against the lira but US dollar's depreciation has a limited impact on the trend. Moreover, Wyckoff's schematics, in particular distribution, supports the idea. 7.15 will be a quite important support. 6.07 and 5.12 will then be important levels to follow.
The Turkish Lira (TRY) has been an embattled currency for decades and in its Euro pair (EUR/TRY) it had some relief but it looks like the halt to continued Lira sell-off may be soon over as EUR/TRY looks ready to burst out of its multi-week descending triangle. In this video I look at one recent example of a similar triangle formation and its outcome, comparing...
Trading suggestion: . There is a possibility of temporary retracement to suggested support line (7.298). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . USDTRY is in a range bound and the beginning of uptrend is expected. . The price is below the 21-Day WEMA which acts as a dynamic resistance....
Short-Term Forecast Trading suggestion: . The price is trying to break downtrend #1 for the second time. It will be a buying opportunity if downtrend #1 is broken. . There was a possibility of temporary retracement to the buy zone when the price reached the suggested resistance line (7.5150) and downtrend #2. . Traders can set orders based on Price Action in the...
Goes to the moon of 1.000.000?
There is great chance we will be moving higher from here filling the gap to the upside. Gold is gonna rise too. For educational purposes only.
Hello everyone! Euro/Turkish Lira looks very bullish after the test of the dynamic resistance of the parallel channel.
Hello traders, thanks for watching/liking/commenting! Today I am looking at my BTC/USD short (entered on Tuesday and in the money) and also giving an updated on my EUR/TRY long (in the money) and USD/MXN (in drawdown but improving). Key video points: - discuss my profit targets on the three trades; - discuss the CC (correlation coefficient) between Bitcoin and...
Hello traders. I have been in a bit of a pickle this month: between elections in the US and a stalling EUR/USD, my demo took a bit of a hit (more than I care to tell) and one big mistake was to go long SP500 on the NYSE open the very day that a Covid19 vaccine was announced... There was optimism on Wall Street and I was looking for some direction in anything that...
Investors are taking advantage of the cheap Turkish Lira and buying Turkish assets before the Lira is expected to strengthen as the New Central bank governor implements an orthodox monetary policy of high-interest rates to reign in high inflation. Strong buy if next year a vaccine is available and the global economy re-opens.
Pedal to the metal It looks like the new Governor to the Turkish Central Bank has put his foot on the gas to stop the Turkish Lira from falling. Let's hope he doesn't run out of gas any time soon. I hope so, but looking at the technical picture all he has done this morning is push the rate of the EURTRY back to previous support and back to the mean of the up...