Back on March 31 of this year I posted this charts below. Unfortunately I had tried to demonstrate the imamate collapse of the TRY
and posted the chart of TRYUSD instead of posting the correct ticker USDTRY. As such I marked long TRYUSD instead of Long USDTRY.
None the less the comments do not signal bullish for the TRY. it has lost 40% of its value in just days...
SUMMMARY: Short, looks like a failed breakout and trend is for further depreciation.
-- Technical --
Price is hitting against the 50 EMA is probably fall further.
Stock RSI is slight overbought
Please HIT the --->>> "LIKE" and "FOLLOW" button. <<<----
*Not financial advice and is for educational purposes only. Always DYOR.
SO: What do you think, i? ...
Originaly i thought theres coming one more 50%+ capitulation, but recently also discovered that we may be in a Adam and Eve Pattern, as long as curve holds its a legit idea.
Entry would be right here with close stop loss. The -50% drop could still come tho, but anyway good risk/reward ratio on this idea. DYOR
SUMMARY : Short , see further downside to the TRYUSD.
-- Technical --
TRY is in a bear market below the EMAs and Gaussian Channel.
-- Fundamentals --
Excessive debt with in the corporate and government sectors.
Furthermore, Turkey has capital controls in place making it more difficult to transfer funds out of the control.
TRYUSD continues to collapse after removing the Central banker who raised rates to 19%.
The new CB said he will lower rates. Turkeys 10 year bond skyrocketed instantly from 12%
to 17% while the TRY lost 18% instantly as well. Why BC Turkey listened to MMT and wants to
lower rates. The chart above clearly shows lowering rates collapses the currency.
If you want...
I posted a monthly chart for the Dollar a few months back that showed the Dollar will continue to lose value in the future. This will obviously not happen overnight, but I expect over the course of 2021 the dollar will continue to it downtrend. Looking at the Turkish Lira monthly chart, we see bullish divergence, and several indicators showing strength. If you...