USDTRY DMA and RSI Strategy
I expect USDTRY to face hard resistance at the linear resistance zone (5.93-6.07). At that time Daily RSI will have reached overbought zone again, hence, price correction towards the rising 200DMA would be inevitable. This would perfectly match the traditional MAs Golden Cross ( 50 day Moving Average crossing 200 Day Moving Average to the upside) behavior . Traditionally, after golden cross event, price continues to climb until first resistance, then turns back to test the 200 Day Moving Average to see whether it is still there to provide strong support. If the price and RSI behave according to my expectation, this may be a perfect opportunity for scalping before the next golden cross event ( 100DMA-200DMA Golden cross) which will confirm the next bull rally to the new All time high prices.
Disclaimer: This is not a financial advise. My Technical Analysis represent possibilities, not certainties.
Disclaimer: This is not a financial advise. My Technical Analysis represent possibilities, not certainties.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.