Hi everyone! In pair of USD/TRY it will be certain release from the trend line. Technical indicators speak about the same. The next resistance on pair is located at 8:15. Risks according to the transaction are minimum as SL is located close.
So, I offer: purchase on 7.7620
purpose 8.1290 (it is a little resistance)
Ascending Triangle Definition:
An ascending triangle is a type of triangle chart pattern that occurs
when there is a resistance level and a slope of higher lows .
It is defined by two lines:
. A horizontal resistance line running through peaks.
. An u ptrend line drawn through the bottoms.
The higher lows indicate more buyers are gradually entering...
The Turkish Lira continues to weaken which we can see in this chart where the US Dollar is displaying
dominance over the Lira.
Since the last post, price has risen by 1,390 pips which is 1.8%. Based on the weekly timeframe,
price has not yet formed a clean pullback so we may be due one. But if the trend is strong,
then we may not see a pullback for some...
🔸 Ceilings and profit taking
I am starting to unwind partials in the USDTRY longs with all of these moves so full of energy in the current chapter it wont be long until the retailers and bloomberg crowd are on board. There is lots of thunder and lightening across the global economy, Turkey will catch more than the sniffles but it is prudent we stick to the plan...
Price broke up from major liquidity base and is in unchartered waters. In such case I would watch round numbers levels. I would expect a reaction at 8000. Watch what price does at that level.
Right now we hit October H3 reversal level. There is a chance of reversal here.
Nice and clear up trend on the Turkish Lira with many buying opportunities, I guess we'll see some corrections and we can buy when touching the lower boundaries of the Fibonacci channel and we see HH and HL on the 1H chart.
The trend of TRY is clear, in current situation
monetary policy is not enought to stabilize
situation. Turkey needs strong physical changes
and innovative solutions, because turism is not
relable and stable part of its economy. Not
anymore and this is the main reason
why lira has dropped sharply.
8.0000 - 7.0808 is the range of Lira for
next 12 months.