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USDTRY

USD/TRY: Double Bottom If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my analyses! I wish you a good trading! :) Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
by Edgy_
USDTRY confluence to go longVery similar idea to my EURTRY idea posted yesterday. You can find the link in this post. The price is hitting an ascending trendline (green) dating from February. That is a very strong support. It is also supported by the fact that it is a double bottom and we are seeing bullish signals. RSI confirms this view with a bullish divergence and the pair is very close to an important area of horizontal support and MA200. All that makes me think that price will rebound to the next resistance at 5.812 where it will face resistance by MA50 too. The problem I see in this pair is the 4H chart: First thing we see is that the price action is not very clean and that always concerns me a little bit. We also see that the price is below the MA50 and below the descending trendline (green line) that is pretty much following the MA200. That is a lot of resistance and if we wait to see if it breaks them it will probably be too late to enter the trade as we will be approaching a horizontal level. So what do we do??? We can stay in the sidelines or we can buy at the actual price level (supposing there is no gap on Monday) and place a SL at around 5.589. This level is important because it would mean that the price broke below the ascending trendline and that it broke the closing price of the lowest point on the 5th of July. This is a risky trade but what is life without risk and excitement! Trade safe and share your views in the comments below!
Long
by MicKi
Erdogan Lets Cetinkaya Go: Does He Even Understand Economics?Hello my dear Turkish Lira traders, Forex friends, merhaba arkadaslar! ;) Erdogan just let the central bank president Cetinkaya go: He argues that the high interest rates are the reason for the high inflation. But commonly known among economists is that both high inflation & high interest rates are the consequence of a weak currency. Erdogan also shows clearly with the change, that monetary power lies in his hands. Technically we're still in a downward channel, and can break this, esp. due to this news. Have fun watching! ;) Selamlar, Deniz from Edgy If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :) Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
Long
by Edgy_
5
USDTRY - Expanding wedge offers upside baisFX:USDTRY OANDA:USDTRY SAXO:USDTRY USDTRY - Intraday - We look to Buy at 5.6870 (stop at 5.6525) Posted Mixed Daily results for the last 47 days. Price action has formed an expanding wedge formation. The medium term bias remains bullish. The trend of lower highs is located at 5.7905. However, with the intraday chart now highlighting higher lows we are possibly forming an ascending triangle pattern. Further upside is expected although we prefer to set longs at our bespoke support levels at 5.6870, resulting in improved risk/reward. Our profit targets will be 5.7900 and 5.8000 Resistance: 5.7905 / 5.8000 / 5.9500 Support: 5.6870 / 5.6460 / 5.6300
Long
by Signal_Centre
USDTRY Decision Time is CloseSo far price was loyal to the descending wedge formation, and as expected, 200 EMA held the defense perfectly. Parabolic support also seems to be working. Next step will be conquering the 20 & 100 EMA resistances along with the upper line of the descending wedge formation. All these converged on the same zone (the area shown as faint white box), which made that zone super important. 20 EMA is about to cross 100 EMA, which would create downward price pressure. However MACD and RSI all bullish. If the price breaks the descending wedge formation, buy orders will surely increase. If the price breaks yellow price level (5.84-85) I consider that as the second confirmation for the rally. Green price level would be the final confirmation for the next big rally. Fundamental developments are all against TRY unfortunately. (CB president just sacked by Erdogan unlawfully, Fitch downgraded Turkey's credit rating again, S400 related developments might cause more pressure from the US (like more sanctions?) etc...)
Long
by showmethemoney7
1
S400 arrived in TurkeyThe Turkish lira lost its ground against the dollar after the Turkish defence ministry said the first parts of a Russian S-400 missile defence system were delivered the country. Investors rose concerns the US will impose sanctions dragging lira down for about 0.6%. The pair is trading far below the 50 MA with RSI advancing suggesting the dollar strengthening may proceed. Imposing sanctions will go against the lira and the pair could advance to 5.7400 resistance. When breached the 5.8260 will be in sight. Support is set on 5.6540 with next to consider on 5.5700.
Long
by LimitMarkets