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TRY

EUR/TRY 1H Chart: Pair trades near long-term channelThe common European currency continues its long-term appreciation against the Turkish Lira. As a result, the pair is constantly pushing its ultimate high northwards. During the past three months, the Euro is stranded in an ascending wedge. However, it seems that a breakout is likely to occur soon, as the upper boundary of this pattern has been unreachable for the last week and a half. In addition, the rate has approached the upper boundary of a senior channel circa 4.57 which has bounded the rate since mid-2014. Along the way, the Euro faces a strong resistance of the weekly and monthly R1 at 4.55. Given the pair’s long-term appreciation, it would not be surprising if this bullish movement continues to prevail. However, it is more likely that a pair retraces from the senior channel just to cool off its high levels.
Short
by UnknownUnicorn890690
4
TRY/JPY 1H Chart: Wedge near maturityThe Turkish Lira has been stranded in two major patterns against the Japanese Yen. The dominant one is a descending triangle which was formed as early as mid-2016. Meanwhile, a more recent one is a falling wedge. It has constrained the rate in a downward-sloping movement for the last three months as a result of which the Lira moved slightly below its 2017 low of 29.10 early in this session. The rate might still edge lower down to the 28.90 area where the bottom wedge boundary and the weekly S2 are located. In the unlikely event of a strong downside momentum, the rate might also fall until the monthly S2 and the weekly S3 at 28.35 are reached. By and large, the wedge should be breached to the upside during the following trading sessions, as it points to soon maturity. The scope of a subsequent surge is not yet clear. The monthly PP is located at the relatively distant 30.40 mark, while there are various weekly pivot points along the way.
Long
by UnknownUnicorn890690
1
USD/TRY 1H Chart: US Dollar near 2017 highAfter reaching its ultimate high of 3.9217 in January this year, USD/TRY was set for a price decline. This situation changed in early September when the pair reversed to the upside once again. Thus, an ascending wedge was formed. The rate was trading near its highest mark since January on Wednesday when it reversed from the 3.90 mark. During this movement, the pair failed to reach the upper line of the steep wedge. This might indicate that a downside breakout might be in sight. In case the current sentiment is to prevail, this breakout might occur late on Friday. However, given the minor potential until 3.9217, the Greenback might still push higher for a few sessions, possibly up to the monthly R1 at 3.9262. It is possible that the pair hinders near the bottom wedge boundary for several hours prior to breaching it. However, when breached, a quite significant fall should be expected.
by UnknownUnicorn890690
1
TRY/JPY 1H Chart: Lira stranded in two patternsThe Turkish Lira has been weakening against the Japanese Yen during the past week, thus forming a falling wedge. This pattern was formed as a part of a senior ascending channel valid since early January. The pair bounced off the bottom boundaries of both patterns late on yesterday, thus testing its six-month low at 20.65. From theoretical point of view, the Lira should remain stable, breach the junior pattern and edge higher towards the 32.40 area in the medium term. In order to realise this scenario, the rate has to overcome a significant resistance area set by the monthly S3, weekly S2 and S1 and the 55-, 100– and 200-hour SMAs in the 30.15/50 territory. Even though some hindrance is likely to occur along the way, the pair should be able to overcome this area and appreciate during the following weeks. The southern side is limited solely by the aforementioned six-month low.
by UnknownUnicorn890690
TRY/JPY 1H Chart: Rate narrows trading rangeFollowing the massive plunge on October 8, TRY/JPY entered a period of consolidation in the result of which an ascending wedge was formed. The rate tested its lower boundary late on Monday and has since re-gained some lost positions. Taking into account that this pattern was preceded by a wave down, a breakout should occur to the downside. As apparent on the chart, the rate is facing a resistance of the 200-, 100– and 55-hour SMAs, the 38.2% Fibo, the weekly PP and the monthly S2 in the 30.70/80 territory. This significant area is likely to hinder or even halt the pair from moving higher. Thus, it is more likely that the rate moves lower during this trading week, setting the weekly S2 and the monthly S3 at 13.16 as a possible downside target.
by UnknownUnicorn890690
USD/TRY 1H Chart: Greenback between two patternsFollowing a massive upward leap of the USD/TRY exchange rate late in October 8, the rate has retreated slightly, thus standing near the 3.67 mark early on Friday. This downward-sloping movement has formed a falling wedge in the bounds of which the US Dollar is trading in a short-term channel up. The rate has diminished its trading range and is currently located between the boundaries of these patterns. The wedge should be breached to the upside; however, the Greenback might still test its lower boundary once more prior to surging north. This scenario might occur, as the rate faces a strong resistance of the 100-, 200– and 55-hour SMAs right on the upper wedge boundary. In case this level is breached, the channel should be respected, thus moving the rate towards the monthly R2 near the 3.72 mark during next week.
by UnknownUnicorn890690
Turkish Lira gave a devaluation signal on the monthly chartTom Demark count gave a green 2 on the monthly chart. This is a clear buy signal. This happens very rare on a monthly level. Green 2 on a monthly chart means we will have up to 7 months of uptrend. Weekly and daily charts confirms this as well. Previous ATH was 3.94320, I expect this will be broken soon, as double tops near ATH are unicorns. In the upcoming weeks or months a major devaluation of Turkish Lira is possible.
Long
by EylemCulculoglu
5
USD/TRY forms triangleUSD/TRY was trading in a short-term ascending channel prior to breaching this pattern on Tuesday. This breakout south should point to a possible price decline in the upcoming trading sessions. The pair falling below the 55– and 100-hour SMAs adds some ground to the bearish sentiment. Meanwhile, the pair is currently trading in a symmetrical triangle which has already provided two confirmations on each side. In line with the bearish perspective, the Greenback should breach the bottom triangle boundary later in the evening and edge lower. In the short term, the bottom target could be set near the weekly PP and the 200-hour SMA circa 3.55. Conversely, the rate could still try to test the upper triangle boundary once again prior to fulfilling the aforementioned scenario.
by UnknownUnicorn890690