The pair is on a strong uptrend on 1D (RSI = 58.592, MACD = 0.072, Highs/Lows = 0.0000) forming the right side of the 1W cup formation. It appears that the uptrend targets the Lower Highs of the previous downtrend in the form of Resistance Levels. Based on this we are long with 6.38740 our next TP and 6.64497 the extension.
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- The Pullback was last week so enough for me to forecast a big drop again with 3 indicators supporting (MACD, RSI, FORCE INDEX).
- The last bottom is first target.
- 3 next targets are calculated by Elliot rule.
A .
We can get a long trade if the price close
above strong resistance channel at 5.8600
To:
TP1: 5.9500
TP2 : 6.2000
stop lose : 5.7800
B.
If the price breakdown upward channel
we can get short trade or wait for new
long trades from
5.64500 and 5.5100
with small stop lose
This is not an investment recommendation or any call to buy or sell
It is just an...
TRY chart behaving quite orderly in wake of local turmoil, H&S continuation the most likely interpretation, low risk entry for 6.85 initial target. stops below 5.90
As the lira continues to deteriorate, we are seeing fresh highs in price of this pair that have not been seen since October 2018. The pair is overbought and is due for a retracement. I'm watching for a break of the trendline and a retest before selling. If price pulls back to 50% fib level we have confluence with trendline. Also, the makings of a possible teacup....
Taking a look at the monthly chart for USD/TRY, Turkey looks like its currency is about to hyperinflate especially with the recent government instability in the recent elections and erdogan being stubborn to any raising of the countries interest rates. In my eyes i'm seeing a hyperinflation scenario playing out over the next few months if this does not get taken...
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...
This time I give a shot at analysing price action in shorter time frame. We will one last time test the resistance and most likely will breakout from it. Next level will be our resistance and breakout level will be our support.
Let's observe together.
Just thinking that the price is to emerge within the upward consolidation range, as drawn.
Recommended entry at this point (with some risk) and less risky ones at 5.85 and 5.75 (it is possible that the price will not drop there).
Movements drawn within the range for the next 2-3 months, are only here to highlight key areas, and the consolidation range tested...
We have a nice swing trade op in this pair, go long at market, stop loss should be placed below the recent low.
I think the pair has room to rally back to resistance (see red line on chart). Linear regression and speed lines help us, along with oscillators and bar by bar analysis, as well as the use of RgMov, to determine the trend and where trend following or...
The US Dollar vs. the new Turkish Lira. A new version of the Turkish Lira was established in 2005 after the value of the old Lira fell to drastically low levels. The Turkish economy relies on the foreign cash looking for short term profits making the Lira subject to severe depreciation. Political conditions and EU economic issues have delayed Turkey's effort to join the Euro-Zone.
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