Usdtryshort
USD/TRY Short Forming 4hr ChartIt looks like price action has completed an abcd pattern with a nice wedge breakout up to 1.618 fib levels. Soon it should find some resistance from January 2017 highs around 1.394 zones. Price action is well above lowside trendline and within channel allowing for a nice 0.786 fib pullback into trendline support. I will be looking for exhaustion candles above 3.92648 to get in short to 3.89650. Momentum is still strongly bullish and the current parabolic impulse wave may not be over. If it falls to said levels expect support to carry it up to test late November 2017 highs around 3.98 zones. Higher risk trade taking into account for current major bullish wave.
USDTRY ShortFundamentally speaking, the Lira has been weakened due to the CBRT staying pat on their rate decision and allowing the double digit inflation to continue. However, daily studies indicate that the RSI has become severely overbought and this pair will correct in the coming days. I will look to close my shorts in profit around the 3.84xx range. Best of luck!