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U.S. Dollar / Turkish Lira

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USDTRY trade ideas

Turkish Lira/ Turkiye Lira in troubleThe USDTRY improved after a massive freefall when the Turkish president announced changes in monetary policies. We have however seen traders be more bullish for the USDTRY although many traders sold the currency pair earlier this month. We have now seen multiple confirmation for a bullish run in 2022 with a breakout of the down trend on the H4 timeframe, a double bottom and we are now waiting to get one last confirmation (a breakout of the resistance cluster. Once we have that breakout, we look to buy the USDTRY aggressively and take profit at 13USDTRY and will wait for a confirmation on either a bullish continuation, a pull back or a market reversal. Please share your thoughts on this analysis, do you feel it will pullback or keep surging?
by Mezzoforte_Privilege
2
USDTRY- BUY strategyWe have moved above 10.50-11.00 and we broke through the FALSE BEAR FLAG channel upwards. Looking at the GANN square, we are observing a break-out of the previous GANN angle and in a new square with support at 12.62. The MA is positive, and the MACD is is moving slowly to positive (it always is lagging) and the DMI is positive USDTRY. My feel is we go back 15-17 ranges, and who knows even above 18s. The MONTHLY CHART we have to observe closely once we have reached a correction upwards. But for now remain long with stop below 12.00 and profit target 15-50-16.00.
Long
by peterbokma
3
USDTRY wave analysisThis is the time to see whether the USDTRY pair remains in the channel. Especially considering it ticked at 11.25, which is a very significant fibo level within the grand super cycle. If that's the case, we may expect it to test the 9.80 level for wave 4. This scenario is also based on the assumption that the political authority in Turkey still has some control over exchange rates and will want to maintain its political power and influence in the near future. This may be on the table as an option for the ruling party to disperse the dark clouds ahead of a snap election decision. In any case, it would be insufficient to evaluate such a currency fluctuation, which emerged under the influence of artificially inflamed debates, independently of the influence of political discourses. Similar examples have been experienced recently and that the correction movements were also caused by non-economic developments. So it is important to place buy orders up to 11.50 with a cautious approach. To sum up, on the eve of an 8-year trend reversal, the next week's close will be critical to confirm that the indicators are placed above the trend channel with permanent and motive price movements. PS: This is not an investment advice. Please do your own research before investing in currency markets. It is a high risk business.
by sonerster