Once again, the lira is poised for weakness. - The USD/TRY pair triggered an inverse H&S pattern, projecting a profit target at the 6.20 mark, with an intermediary target at 6.00 (round-number + horizontal resistance zone). - The pair completed a pullback to the broken neckline, validating the inverse H&S pattern. - A shorter-term horizontal support level lies...
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Descending triangle, one of the sell signal technical patterns is visible on D chart. Still, MA200 is a reliable support area. RSI is below 50 levels. My play is sell, with S/L at 5.70 and T/P at 5.43
After breaking the triangle a short trade is an option.
See chart for illustration This is a follow up on a long term speculation published earlier ( see link below for reference purpose)
Admittedly, I've not made a good call on the Lira so far this year. Fundamentally the Lira is way overvalued at ~5.60, it's probably overvalued even at $6 but the CBRT has found clever ways to prop up the currency through swaps (and a billion or so in borrowed Yuan). all that said, the algo is signalling long here, so I'll be taking a smaller position to balance...
USD/TRY The pair was seen trading at the tip of the “Falling Wedge” pattern and was expected to continue going down in the following days. The 2016 failed Turkish coup attempt started the end of the relationship between the United States and Turkey. The coup was led by U.S.-based preacher Fethullah Gulen within the Turkish military. Three (3) years after the...
I am mainly equity guy, but from time to time a do trade FX, and there I have my favourites such TRY, NZD, AUD. Right now, my position is closed with +S/L, but I will take a closer look today to find the entrance for a new one. For me, MA200 remains strong resistance area , and this new trade will most likely have a T/P near Fibonacci 0.5 lvl . I will wait to RSI...
Such a nice sell 4-8 hours ago. Missed it unfortunately but you can still get in, it is a bit more risky though. You also get paid overnight swap for short positions on most brokers.
The technical rule set I've set up hasn't triggered a long call just yet but, if the USD can close above the trend line at ~5.715 it will. With the CBRT announcing it's rate decision in two days this could be the start of a substantial move up given the heightened political tensions between Turkey and the EU over drilling in Cyprus and looming US sanctions for...
only and only under the 5.55 all ofrising formation will be canceled