USDTRY : a potential Bat pattern
It looks like price action has completed an abcd pattern with a nice wedge breakout up to 1.618 fib levels. Soon it should find some resistance from January 2017 highs around 1.394 zones. Price action is well above lowside trendline and within channel allowing for a nice 0.786 fib pullback into trendline support. I will be looking for exhaustion candles above...
Fundamentally speaking, the Lira has been weakened due to the CBRT staying pat on their rate decision and allowing the double digit inflation to continue. However, daily studies indicate that the RSI has become severely overbought and this pair will correct in the coming days. I will look to close my shorts in profit around the 3.84xx range. Best of luck!
I do not trust indicators very much but here is RSI divergence.
Trading tips It is better to wait for the breakout and the price is fixed below 3.73. Sell with target 3.637 (fill the gap). High risk set up.
USDTRY 4H Short Support:3.81000 - 3.765000 - 3,685000 This is not investment advice
The upcoming interest rate declaration would not satisfy the market against the negative trend and my expectation...
Shorting USD/TRY pair on a top failure on daily chart. I think at least short term this idea will work. Reward to Risk of 1.4.
Fundamentals show a strong uptrend but technicals dont. I WILL NOT TAKE THIS TRADE. I only wanted to see how reliable is technical analysis in a situation like this...
Strong SHORT pressure level for this cross. See my twitter profile for daily pressure levels for all crosses
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