The price action might go for one more touch at the bottom of falling wedge.
MACD is weak bullish I am expecting it will be strong bullish soon.
The POC of volume profile is above 28.78 therefore the price line will be soon pulled up insha Allah.
The price is trading within a 1D Channel Up that is now on Higher Low level (RSI = 49.861, MACD = 0.107, Highs/Lows =-0.0169). Since every Higher High is -50% the value of the previous one, then the next TP should be near 23.22625.
This is a aggressive long idea. Dollar continues to be strong. So using the pullback to the structure as a long opportunity. There is also an inside bar on 4H time frame. Could be used to play either way.
Everybody is fixated on USDTRY rally at the moment. As impressive of a move it has been thus far, (and devastating for Turkish nationals) there could be some more strong dollar currency trades that can be taken advantage of, perhaps ones such as this;
-10 Week Ascending triangle
-Bolinger band squeeze/expansion on the daily
-Boundaries are clear but not...
Facing resistance at 18-month descending trendline
Stiff resistance at 200EA (weekly) seems to be at 22.60 above this 23.00 exists August 2015 low
The August 2015 low coincides with the 100MA (weekly) and with the 50.00% fib reaction (Jan 2017 high-Jan 2018 low)
The daily study RSI is indicating a lower high, if propels above 22.55 could paint a negative...
From February to 23.April 18 was there some accumulation thats triggered big short covering rally. On Monthly timeframe its downtrend and 22.5 level is acting as very strong resistance. 21.80 there are big selling pressure.
PRice approaches a psychological barrier at 20.000. If broken I will expect more weakness. I've been shorting this cross since summer 2017. Unfortunatelly got bored during the consolidation and got out with some profit. Now back with a small position, waiting for more confirmation.
This is a long term view. I don't care about intraday moves.