USDTRY trade ideas
USDTRY LONG!!Beautiful Chart.
Please note that by tradition a descending triangle is bearish. Wrong, the context (point in chart) should never be overlooked. In that, if it's at a top it should be traded with extreme prejudice for going short and at bottom of a trend the opposite . Furthermore, even at bottom sometimes they fail.
Now this chart is showing strength with the quad bottom setup having bounced off this support area 3 other times this should be four.. Please see candle stick prediction (hot pink)
USD/TRY: the lira is strengtheningCurrent trend
For two months, the pair USD/TRY has been trading in a downtrend and is currently at 8.3984 (Murrey ).
This week, the lira was supported by officials’ statements. Turkish Vice President Fuat Oktay said the country's economy will continue to recover. In Q1, it already grew by 7%, and in the future, the pace will accelerate further due to an increase in exports, the volume of which should exceed $200 billion by the end of the year and may reach the government's goal ($210 billion). August data on Turkey's economic confidence index released today was positive. The indicator rose for the third consecutive month and reached 100.80 points.
Currently, the price has stabilized around 8.3984 as investors await a speech by US Fed Chairman Jerome Powell at a symposium in Jackson Hole. Experts believe that the head of the regulator will not comment on the timing of the start of monetary stimulus reduction and will declare the need to continue monitoring the economic situation. In this case, the dollar may again fall under pressure.
Support and resistance
The downtrend persists, as evidenced by the downward reversal of Bollinger Bands and growth of MACD histogram in the negative zone, but the upward reversal of Stochastic in the oversold zone does not exclude corrective growth. The level of 8.4960 (Murrey , the midline of Bollinger Bands) is the key for the "bulls". Its breakout will give the prospect of growth to 8.5937 (Murrey ) and 8.6914 (Murrey ). Otherwise, the decline may resume to 8.3007 (Murrey ) and 8.2031 (Murrey ).
Resistance levels: 8.3984, 8.4960, 8.5937, 8.6914.
Support levels: 8.3007, 8.2031.
USDTRY Breakout of it's resistance* USDTRY was trading below it's resistance zone near 8.58000, now it breaks it's resistance and retesting the same level.
* The previous resistance for the price is now working as support. After a proper retest we can expect a healthy move till 8.77000.
* USDTRY is bearish below it's support zone.
USDTRY short to SUPPORTThe price closed above the resistance level. It seems to me that it will not be possible to break through the level the first time, so I expect a rollback from 8.615 to support 8.482
Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩💻
USDTRY short after pullback The price at the end of last week broke through the support level 8.48, having broken the ascending price channel earlier downward. After a rollback to the level, I expect a fall down to the support of February 2021.
Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩💻
USDTRY top-down analysisHello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
