USDTRY Target double bottom reached, whats next.
This analysis started from the lows 2 months ago and after a very slow completion of the double bottom, the neckline broke past week and in one sweep it went straight to it's target. It has been moving around a lot since, already made a 50% correction as well, so very dangerous asset to trade now. Many have asked me for an update on this one, so i am going to try, but to be honest, there is very little to go on here. Because it dropped so much already, there is not a flag or an H&S or something else to go on. Maybe that flag on the daily might be something to follow.
Usually after a big move like this, we should see some another move up. Normally never just drops again to the neckline. So i can't really give a trade here, but my best guess is, seeing another move towards the red zone, possible even higher than the previous rally. But that zone is a big resistance area, so i would not assume it will simply break. Think it might take more movement between the 5.6 and 5.9/6 before another big move happens.
So my advice would be, leave this one for what it is and find another pair to trade, or wait at least a day or 2 to see something develop first. I will try to update on this one if i see something.
Previous analysis:
Usually after a big move like this, we should see some another move up. Normally never just drops again to the neckline. So i can't really give a trade here, but my best guess is, seeing another move towards the red zone, possible even higher than the previous rally. But that zone is a big resistance area, so i would not assume it will simply break. Think it might take more movement between the 5.6 and 5.9/6 before another big move happens.
So my advice would be, leave this one for what it is and find another pair to trade, or wait at least a day or 2 to see something develop first. I will try to update on this one if i see something.
Previous analysis:
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.