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TRY/JPY 1H Chart: Supported by 100-period SMAThe Turkish Lira has been appreciating against the Japanese Krone since the pair reversed from the 2017/2018 low at 15.63. This movement has been bounded in a medium-term ascending channel.
As apparent on the chart, the exchange rate is testing the lower trend line at 18.48. Also, the pair is supported by the 100-period (4H) SMA at 18.27. From the theoretical point of view, the currency pair should make a reverse and go upside. Potential target could be the 19.20/19.40 range.
However, if given channel does not hold, a breakout might occur in the nearest future, and the rate might aim for the weekly PP at 18.07.
A great opportunity to buy in Turkish Lira.Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 5.0000 would begin in Midterm.
Technical analysis:
The RSI support #1 at 48 is broken, so the probability of resumption of uptrend is decreased.
While the RSI downtrend #2 is not broken, bearish wave in price would continue.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 47.
Trading suggestion:
There is a possibility of temporary retracement to suggested Buy Zone (5.90150 to 5.6870). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (5.90150)
Ending of entry zone (5.6870)
Entry signal:
Signal to enter the market occurs when the price comes to " Buy zone " then forms one of the reversal patterns, whether " Bullish Engulfing ", " Hammer " or " Valley " in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about " Entry signal " and the special version of our " Price Action " strategy FOLLOW our lessons :
Take Profits:
TP1 : @6.2090
TP2 : @6.3325
TP3 : @6.4820
TP4 : @6.6680
TP5 : @6.8320
TP6 : @7.0000
TP7 : @7.1200
TP8 : Free
A great opportunity to buy in Turkish Lira.Midterm forecast:
There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 5.0000 would begin in Midterm.
Technical analysis:
The RSI support #1 at 48 is broken, so the probability of resumption of uptrend is decreased.
While the RSI downtrend #2 is not broken, bearish wave in price would continue.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 47.
Trading suggestion:
There is a possibility of temporary retracement to suggested Buy Zone (5.9015 to 5.6870). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (5.9015)
Ending of entry zone (5.6870)
Entry signal:
Signal to enter the market occurs when the price comes to " Buy zone " then forms one of the reversal patterns, whether " Bullish Engulfing ", " Hammer " or " Valley " in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about " Entry signal " and the special version of our " Price Action " strategy FOLLOW our lessons :
Take Profits:
TP1 : @6.2090
TP2 : @6.3325
TP3 : @6.4820
TP4 : @6.6680
TP5 : @6.8320
TP6 : @7.0000
TP7 : @7.1200
TP8 : Free
Down, up, downFinish downtrend, low of the week around ~tuesday, retrace to 6.28, then the pastor is freed so lira can go below 5.5
Down until mid next weekNext week = uptrending, low of the week will be around tuesday
If next week is uptrending, the week after that pastor will be released on the 11th of October
Triangle limited to Lower Highs. Bearish pattern.USDTRY is trading within a +2 month long Triangle on 1D (RSI = 45.814, ADX = 15.914). The Lower High sequence (Highs/Lows = -0.0144) is limiting the upside potential to 6.2000 and is narrowing down the trading width to the point that the 5.95884 - 6.01186 buying zone should break. If it does, we will target 5.70. On any other occasion we will be idle.
USD/TRYWestern media is doing everything to get lira below $5.5 so (((they))) can stock up on longs and then destroy the lira pushing it above $7.1
-Central bank increasing interest rates, Turkey trying to regain investor confidence, talks about pastor
A lot of money to be made on this conflict. Short the retrace, and long below 5.5
TRYZAR Symmetrical Triangle. Get Ready for a breakout!Symmetrical triangle usually forms during a trend as a continuation pattern. so there is a higher chance of breaking out to the DOWNSIDE
USDTRY updated chart. Consolidation is over!It looks like all 5 waves are in place within a triangular consolidation mapped earlier (see related).
The structure was completed faster than expected.
Another drop of lira is ahead to hit the minimum target above the 7 handle.
$TRY Find Bottom?Turkey Lira find bottom against US Dollar now?
President Erdogan doing everything to hold up the economy bully from US Government under Trump administrations. I think If this effort holds up we're praying that their country getting better, because their role is quite significant in Middle-East countries for muslim community all over the world. Turkey will be one of many nations that really care about muslim community and that's why they receive mass rounding from their enemies. We should fight and pray together.
USDTRY. Possible triangle. Target 7.08Lira could drop after finishing triangular correction to hit at least the earlier top at the 7.08
