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Turkishlira

USDTRY Setting Lower Lows, 61.8% Retracement CompleteCan we expect more decline from this point? I believe so and here is why: Since it reached all time high, USDTRY was unable to continue that trend and started making lower lows if you look at the 1h graph. First real decrease happened in the previous few days and 61.8% retrace was completed with the pair unable to continue higher. RSI bearish, MACD pointing down. In the short run, traders can benefit from short selling USDTRY. In the long run, however, I still stick to my idea of an inflationary dollar (ex. EUR/USD going to parity, even lower, USD is to be inflationary and we might see appreciation due to avoiding capital outflows, high bond prices and worryingly low bond yields). Good luck!
Short
by DzhuneytYusein
4
GBPTRY Pound-Sterling Not So Strong Entering 2017Follow up on my idea about weak GBP in the last month of 2016: Major GBP pairs (GBP/JPY, GBP/CAD, GBP/NZD, GBP/USD) all experienced decline on Monday, 28 Nov, with most of them hitting resistance levels which are too strong to be broken despite the major GBP increase throughout November. With UK appealing against the court decision on Brexit, GBP could see drop in value until a final decision is made (expected to be made in 2017 with appeal starting on 5 December). Technical indicators also show weak bullish signals with RSI, MACD, Resistance line and Fibonacci levels all suggesting a likely decrease in the following weeks.
Short
by DzhuneytYusein
3
USDTRY Analysis Turkish Lira aginst US Dollar has been running between the monthly demand zone (2.7974-2.5604) and monthly resistance area. As i expected, we had 2 nice reactions both from demand and resistance zones. Soon after consuming either of the monthly areas, we may see an abrupt and impulsive move whichever zone breaks first, probable outcome being upwards. Currently, Price just created a new daily supply zone above (3.0119-2.97204) and boucing out of the support zone (2.93236-2.89569). We may see some selling pressure coming around daily supply zone and we may have a small consolidation between those areas. Under these circumstances, we can practice 2 scenarios; 1- Black: We can confirm our entries on lower timeframes and look for selling opportunities inside of the daily supply zone if emerges . 2- Red On the other hand, if daily supply zone got broken upwards, we would again be willing sellers since we will end up being in the monthly resistance area. tradewithcan.blogspot.com.tr twitter.com
by Can.Yildirim