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...
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*
*Not a trading advice. I hope I will be wrong.
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...
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...
Historically USD against TL , if at the major top, it will dramatically drop back and can not hoover around the top. Hovering close to top is a sign that USd is forming a continuation pattern, probably a symmetrical triangle.
Long term bulllish on USD/TRL