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USDTRY

Turkish Lira Chronic Disease?As you can see in the previous price actions after the interference of the Turkish Lira it seems that the Currency has gotten a Chronic Disease now. The fast bounce back conclude that there is globally no trust within the Turkish Economic Politics. As the Minister of Treasury has already been replaced within 3 years and the independence of the Turkish Central Bank regarding President Recep Tayyip Erdogan's politics are being questioned. It seems that the market is craving for a change of governemnt, but as we know from recents words of the President an early election before 2023 is a wish that will not come through. Simple conclusion: Uptrend Cable will continue till 2023 at least as the Turkish Government is not likely to change their Economic politics.
Long
by Bifrin
1
USDTRY- 29Nov2021USDTRY- 29Nov2021 On the weekly, USDTRY pulled back after hitting 1st Resistance at 13.235. We maintain neutral for now and there is a slight chance that price could bounce up to retest this level this week. On the H4 timeframe, prices faced bearish pressure from 1st Resistance at 12.511. We will need to monitor the price action for further clue. There is slight chance that price bounce up to retest recent highs. This is for personal record purposes only, not financial advise or solicitation of trade.
by TTMFS
USD TRY analizI discovered that each time %50 retracement happened. This is an extended impulse wave 5 and instead of 161.80 increase it went up to 261.80% compared to wave 3 length. Or 361.80% compared to wave 4 length. In my opinion 5th wave can not extend more than this. (if it does, it would target 14.70, fundementally it looks not possible now but long term it is possible)This is why it stopped exactly at that fib level. Yes, TRY devalued so much but it still did this with EW rules. I expect correction to at least 11, then 10. From 10 I would expect reversal upside long term. I live in Istanbul so I feel destroyed and no hope left. Economy destroyed by one man. I am very frustrated
by baris3
3
USDTRYon monthly frame with Fibonacci level we will find that 13.01 represent strong resistance , last two month the government let the currency fail without any intervene , am sure the Turkish national bank will start offer new government bonds to contain the situation , its a good time in my opinion to short this pair while retail start getting heavy long position , this is risky but am willing to short it ,especially that i know the government control the national bank and its gonna try to put the crisis into bed before any further political damage with election in sight
Short
by Adel_Tunisi