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...
We have troublesome trend in USDTRY along with the increasing annual inflation rate around 48%(According to: twitter.com) I depicted daily golden cross wih gray and local bottom with purple. Resistance or take profit levels are depicted below* 5.97 6.47 6.88 7.29 7.87 8.61 *Not a trading advice. I hope I will be wrong.
Turkish Lira very fragile. 31 March Local Election date for Turkey. I'm waiting for an upward reaction
USDTRY completing C wave larger degree flat making up the B wave of larger degree correction.
No one has a crystal ball for the Forex market, but what we do have to look at is history. Although past performance does not guarantee future results, when it comes to the Turkish Lira’s current situation, history shows some alarming parallels. The patterns do repeat themselves -- and with good reason. The stock/ Forex market is governed by a set of two...
Just prediction nothing more. it is not invest advice
USDTRY a Potential Cypher pattern Time will tell of the opportunity we see, patience is key. Hopefully, you found this helpful! If so please like or comment, your feedback is appreciated!
The previous analysis has played very good. So here is the continuation.
USDTRY - Turkish Lira - Possibility of Uptrend
USDTRY / TECHNICAL CHART
USDTRY staring a sell-off in Intermediate (5) (red) so it can complete Primary C (red) and Cycle Wave IV (green).
From elliot wave analysis, i see that usdtry pair has finished 5 wave structure then started to a-b-c correction. Also at 5,54 price level i see double top formation and during this time, you can see bearish divergences at macd line and histogram so my first expectation from usd/try is to drop around 5,32 price level. Then if inclined support is broken, we can...
Expecting bullish trend continuation to the upside...
The devaluation of the Turkish (new) lira continues to the fullest and shows how strong a current wave 3 is within the impulse wave. The confidence of the own population in the monetary policy decreases more and more and even interest rates on 2-year government bonds of just under 20% and 17% on 10-year government bonds as a foreign investor do not compensate for...
USDTRY has been in a downward parallel channel. Going short at following preferences: Short: @ 5.4995 TP: @ 5.0944 (+4000 Pips) SL: @ 5.5707 (-764 Pips) RR: 5.24
First of all, i expect a jump to B point which is 5.516 then i will look for a sell opportunity to aim C point which is 5.435 for my sell trade. (Also i see some hidden divergence at macd histogram and signal line on 4h chart which supports my trading idea.) When the elliot correction waves are totally finished at C point(which is our profit target), new rally...