Get started

USD-TRY

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
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
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
USD/TRY trades in overbought areaThe bearish sentiment that had dominated the market since early August was reversed last week when the US Dollar started to appreciate against the Turkish Lira. As a result, a short-term ascending wedge was formed. Trend indicators suggest that the up-trend is still solid; however, other types of indicators favour a possible downside momentum. In case it is only a minor correction against the general trend, the fall should be limited by the 23.6% Fibo and the weekly R1 near 3.4495. On the other hand, traders should bear in mind that the breakout on September 12 might be followed by a retracement down to the upper channel boundary. This level coincides with the 200– and 100-hour SMAs and the weekly PP. By and large, the ascending wedge is likely to be breached in the following hours. From theoretical point of view, it should happen to the downside, thus favouring a decline down to the 3.42/43 area.
Short
by UnknownUnicorn890690
USD/TRY 1H Chart: Channel DownThe recent depreciation of the US Dollar against the Turkish Lira has confined the rate in a short-term descending channel. For most of the time, the rate remained in the upper part of the given pattern until Friday when a speech of the Fed Chair Yellen resulted in a plunge for the American currency. The pair has since returned in the middle of the pattern and is demonstrating limited volatility. It has finally managed to pass the previously-challenging 55-hour SMA from below. Likewise, technical indicators are signaling to a soon recovery of the strongly bearish sentiment. Thus, it might be expected that the rate pushes for the upper channel boundary in the 3.46/48 territory. Nevertheless, traders may start to shake the market either direction in anticipation of US fundamentals even before their official release.
Long
by UnknownUnicorn890690
USD/TRY 1H Chart: Channel DownThe Greenback has been depreciating against the Turkish Lira in a short-term channel down. The last two waves up, however, failed to form a movement upwards, resulting in a consolidation period. The rate tested the upper channel boundary mid-session and has since moved lower. However, given the direction of this wave, it may still re-test the given line in accordance with a junior descending channel. This pattern formed when the Greenback failed to overcome the monthly PP at 3.5209. Thus, the 3.5100/3.5300 area may eventually be a turning point that could guide the Greenback past the aforementioned trend-line and even higher, as bearish technical indicators are gradually decreasing in strength.
Long
by UnknownUnicorn890690