AUDTRY looking for a Breakout!AUDTRY's strong trend support line above is broken. currently in a consolidation mode looking for a breakout soon.
TRY
USD/TRY 1H Chart: Potential breakoutThe US Dollar has been depreciating against the Turkish Lira since the end of August. This movement has been bounded in a falling wedge.
Technical indicators for the 1W time frame suggest that a breakout north occurs in the nearest future and the currency pair surges towards the Fibonacci 23.60% retracement at 5.7597.
However, this advance might not be immediate as the exchange rate is being pressured by the 200-hour SMA at 5.4656 and the pair could decline to the support cluster formed by the weekly S2 and the monthly S1 near 5.2800.
TRYJPY: Big short opportunity.This pair has been trading on a very long term 1M Channel Down (RSI = 31.162, MACD = -4.539, Highs/Lows = -2.4883, B/BP = -6.1380) since December 2014. The 1W bullish sequence is approaching the 22.300 - 23.450 Resistance zone, which is a Lower High mark on the monthly Channel Down, hence the most optimal short entry. TP = 11.900.
** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. **
Comments and likes are greatly appreciated.
USDTRY possible bullish wedgeOn the left we can see a big bull flag and the wedge i have drawn as well, both of them failed. Now we have a smaller bullish wedge in the making, could also fail but the RR is way to good to ignore this one. I am trying half here at the low and the second half when it break the wedge.
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.
We will close our open trades, if the Midterm level 5.0000 is broken.
Technical analysis:
While the RSI downtrend #1 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 33.
Trading suggestion:
There is a possibility of temporary retracement to suggested Buy Zone (5.51550 to 5.19000). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (5.51550)
Ending of entry zone (5.19000)
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 : @5.6870
TP2 : @5.9015
TP3 : @6.2090
TP4 : @6.4820
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.
We will close our open trades, if the Midterm level 5.0000 is broken.
Technical analysis:
While the RSI downtrend #1 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 33.
Trading suggestion:
There is a possibility of temporary retracement to suggested Buy Zone (5.51550 to 5.19000). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (5.51550)
Ending of entry zone (5.19000)
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 : @5.6870
TP2 : @5.9015
TP3 : @6.2090
TP4 : @6.4820
TP5 : @6.8320
TP6 : @7.0000
TP7 : @7.1200
TP8 : Free
EUR/TRY 1H Chart: Previous forecast at workThe EUR/TRY currency pair breached the falling wedge south. The rate has been trading south and reached the psychological level at 6.25.
Given that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, the general direction is expected to remain south within the scope of the next week. It is likely that this decline is bounded in a descending channel.
It is the unlikely case that some bullish pressure still prevails in the market, the Euro should not exceed the 200-hour SMA, currently located at 6.4372.
Looking for a sure way to make money even if you are wrong?Let me present: the Turkish Lira carry trade.
Erdogan is a nice guy giving us free money if we invest in his dead currency.
There is probably bullish divergence here so I would wait either for resistance to get hit, or a break down, maybe an inside bar, anything to get that juicy juicy trade.
Against the euro the rate is even higher
I did not check with every broker, maybe rates are even better elsewhere.
Be sure to keep an eye on this.
If:
- You go short and it goes down you make heaps of money
- It goes sideways for a long while, which could happen it went down alot, you make heaps of money.
- It goes up you lose some. the risk reward does not need to be very attractive, if your stop is far away, it will probably take alot of time to get reached, and during that time Erdogan showers you in gifts :)
That carry trade is what made the thing explode (I think?) so there is this danger, but it exploded too much ....
It seems to be still interesting, just don't do it blindly and stupidly look for a trade that would be profitable on its own (50% odds and 1:1 good enough), selling a break or at resistance good enough.
I did not look at all the details maybe it is not as interesting as I think :p
USDTRY - Long for completion of larger degree flatUSDTRY will be making running or expanding flat for the X wave in WXY combo.
Looking for longs for the C leg of the flat.
We have impulse and correction, watch for breakout to long.
TRY/JPY 1H Chart: Previous forecast at workThe previous forecast worked, and the TRY/JPY currency pair continued to trade in a short-term ascending channel.
As apparent on the chart, the exchange rate is supported by the 55-, 100– and 200-hour SMAs near the 19.80 mark. It is expected that the pair surges towards the resistance cluster formed by a combination of the weekly R3 and the monthly R2 in the 20.42/20.69 range.
However, if above-mentioned moving averages do not hold, it is likely that the rate goes downwards to re-test the lower channel line in the 19.60/19.80 area.
USDTRY Trendline Test Incoming - LONGIf green trendline holds, we will never see 5.50 levels ever in USDTRY. This is a long term buying opportunity. If green line fails, stop and watch the market until it gets backup again.
USD-TRY prise sharply crossed 5.6000 levelAs we posted last week, USD-TRY prise sharply crossed 5.6000 level, now trading around 5.7640
We think that before TCMB meeting price will be above our 5.7760 (R1) target, as we mentioned before 25 october is important to make longer term forecast. But it must be mentioned that USD is advancing versus major currencies from monday, so the price of Lira dropped to 5.70 not because of negative trend for Turkish currency, but due to USD fluctuations.
Targets:
Resistance - 5.7760 (R1); 5.9092 (R2)
Support - 5.7168 (S2); 5.6456 (S1);
Important topics which had an impact on currency market, during last week:
* Khashoggi crisis
* Berat Albayrak“Fluctuations in...finance sector have ended”
* Trump - "Feds going loco!"
* Brexit stuck
* TCMB release
USD TRY, US dollar Turkish lira forecast and analysis As we posted last week, USD-TRY prise sharply crossed 5.6000 level, now trading around 5.7640
We think that before TCMB meeting price will be above our 5.7760 (R1) target, as we mentioned before 25 october is important to make longer term forecast. But it must be mentioned that USD is advancing versus major currencies from monday, so the price of Lira dropped to 5.70 not because of negative trend for Turkish currency, but due to USD fluctuations.
Targets:
Resistance - 5.7760 (R1); 5.9092 (R2)
Support - 5.7168 (S2); 5.6456 (S1);
Important topics which had an impact on currency market, during last week:
* Khashoggi crisis
* Berat Albayrak“Fluctuations in...finance sector have ended”
* Trump - "Feds going loco!"
* Brexit stuck
* TCMB release
USD-TRY forecast and short term analysis As we posted last week, USD-TRY prise sharply crossed 5.6000 level, now trading around 5.7640
We think that before TCMB meeting price will be above our 5.7760 (R1) target, as we mentioned before 25 october is important to make longer term forecast. But it must be mentioned that USD is advancing versus major currencies from monday, so the price of Lira dropped to 5.70 not because of negative trend for Turkish currency, but due to USD fluctuations.
Targets:
Resistance - 5.7760 (R1); 5.9092 (R2)
Support - 5.7168 (S2); 5.6456 (S1);
Important topics which had an impact on currency market, during last week:
* Kashoggi crisis
* Berat Albayrak“Fluctuations in...finance sector have ended”
* Trump - "Feds going loco!"
* Brexit stuck
* TCMB release
Amiran Azaladze
amiranazaladze@gmail.com
Some Successful Trades By Yekturus On TRYUSDSome significant trades by Yekturus Strategy on TRYUSD.
Yekturus Strategy Page:
Disclaimer:
This strategy is for information purposes only. It is not intended to be investment advice.
