Hello dear FX & Turkish Lira traders, merhaba arkadaslar! ;)
It's been a long time since I've made an analysis to the Turkish Lira: But yet again, we have important elections coming up on Sunday: The AKP didn't accept the outcome of the first voting, which sent the pair through the roof immediately with an Ascending Triangle:...
Possible bearish pennant formation on this pair. Note possible trend line confluence as well as 61.8% fib level target. Initial bearish outbreak gave us approximately 200 pips. Breakout to target would mirror another 200'is pips. I do believe long term we will see higher prices, but for short term we have to take what the market gives us. This trade idea is for...
Technical indicators have positive divergence, above the moving averages and above the reference levels. Target-1: 6.03 , Target-2: 6.33 and the Stoploss: 5.53.
Potential Profit per share: 0.27
Potential Loss per share: 0.23
ROI: 1.2 (neutral) (roi is calculated based on Target-1)
USD/TRY formed double top on the daily chart and the price going downward.
The Relative Strength index is on low level, and the price today going little bit upward, so I think its a correction. When the price will going downward again that's a good entry for short position.
Please note this trade idea is for demonstration and educational purposes only; it does not constitute a signal. This idea is a long term possibility. Given all factors including fundamentals, no one can with 100% accuracy know for sure that long term ideas will play out. We must follow price action. It will be interesting to see how this pair plays out long...