Turkey are not out of the woods just yet...
Updated
=> The most recent rally failed to test the highs and implies that we are set for some period of corrective activity.
=> Bulls are taking profits as the momentum runs out of steam and this will provide the catalyst for the break of 5.9744. A close below here would then unlock the 38.2 fib levels next.
=> Similarly to our USDRUB and USDINR ideas, EM currencies are set up for quirky bearish trend reversal.
=> Good luck all
=> Bulls are taking profits as the momentum runs out of steam and this will provide the catalyst for the break of 5.9744. A close below here would then unlock the 38.2 fib levels next.
=> Similarly to our USDRUB and USDINR ideas, EM currencies are set up for quirky bearish trend reversal.
=> Good luck all
Note
I am not saying things are perfect but the 25% yield in Turkey is starting to look very attractive... another way to play this is 6.00 / 5.50 put spreads for the final QNote
We are breaking here...Note
As anticipated "a break of 5.9744 will unlock a test of the 38.2%"
Related publications
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.