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U.S. Dollar / Turkish Lira

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USDTRY trade ideas

USDTRY- careful BUY strategyThe daily chart has developed a FALSE BEAR FLAG pattern. The flag channel is wide ranging between 11.28 and low 9.12s. This type of pattern usually suggest a sharp upward move, and that is why BUYING is advised. the question is where we do we buy. My previous buy level was 11.50-12.00, but think we should lower that now. I feel we buy or add 10.25-10.75 and after 9.50-9.75. The profit levels will be placed 13.75-15.00. It is no issue holding longs, but keep in mind that the stop-loss level is lower now and below 9.00. As a note: keep your positions to a very low leverage and add tiny to it if we fall. The market is still uncertain and there are still some USD longs out there from long-term perspective. For long-term I remain SELL 13.50-15.00 and profit 8.75-9.00.
Long
by peterbokma
5
USDTRY rising wedge and negative divergenceNegative divergence is observed since volume has not yet accompanied the upward movement in the currency. In this case, it will either be accompanied by an increase in volume or the weakening in the bullish stance which will potentially cause a broken trend. Rising wedge pattern is considered as one of the bearish reversal indicators. As the formation target, a reversal can be expected as much as the difference between the lower channel and the upper channel. In our example, the reversal potential is approximately 2.8 ₺ from the point where the channel breaks down.
Short
by sonerster
Lira Explodes, USD Dominates the Foreign Exchange MarketWe mainly viewed the change in the vector of monetary policy in the United States through the prism of the US stock market. But if someone loses, then someone should also win. And that someone is the US dollar. In general, 2021 turned out to be successful for the American currency: the dollar strengthened against all the currencies of the G-10 countries. At the same time, in our opinion, the growth potential has not yet been fully exhausted. In the context of interest rate differentials, its further growth against the New Zealand dollar or the same pound does not look as unambiguous as, for example, against the euro or the Japanese yen. The sale of the Turkish lira looks quite promising after its epic growth at the start of this week. Let us remind you that the economic insanity of Erdogan this year cost the lira very dearly: the currency has depreciated threefold. The sharp rise on Monday is associated with the announcement by the President of Turkey of unprecedented measures to support the national currency. For example, the country's government will reimburse the owners of bank deposits in lira if the Turkish currency falls in price by an amount that exceeds the interest on deposits. In addition, the tax rate on investments in bonds denominated in lira will be reduced from 10% to 0%. And, of course, inflation will decrease in a few months. All this, of course, is great, but how the bloodless Turkish economy will pay for these and other initiatives is not very clear. But it is clear that there is no trust in the lira and will not exist until Erdogan reads at least a couple of basic textbooks on economics. The energy crisis continues in the meantime. Gas prices in Europe have renewed new records, surpassing 2000 per thousand cubic meters. For substitute goods, including oil, this is good news, but last time the rise in gas prices in the 2000 region in Europe was of an exclusively temporary nature, and in just a few days prices then collapsed by more than 50%. So you shouldn't rush to buy oil - on the contrary, its growth is a reason for more expensive sales.
Long
by Trade24Fx
1
USDTRY-BUY strategyThe currency pair seems a little more settled now. The GANN support 10.97 and resistance 13.50 is our defined playing field for now. The stochastic turns positive, and looking at correction I feel we may start looking at long position with a stop below $ 10.50. We will likely return $ 13.50-13.75 > 15.50. Strategy BUY 11.25 - 12.00 and take profit 13.50 > 13.75 with stop-loss 10.50. No doubt it will be a wild ride, so play safe and very small. Long-term SELL at 13.50-15.00 no change in view and take profit below 10.00.
Long
by peterbokma
10