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U.S. Dollar / Turkish Lira

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USDTRY trade ideas

TURKISH LIRATRY has been weakening against USD for a long time. Last week, Turkish Central Bank slashed its key interest rate to 18%, and the inflation in the country is more than 19%. From USDTRY log chart we can see the clear uptrend and the price movement is tightening forming a rising wedge. The ratio is climbing but with lower and lower momentum. RSI is also indicating to divergences. After breaking down from the pattern, the next support areas are marked in red zones. Also, the green support line that has been keeping the price up since 2014 is indicated.
Short
by lalayev
USDTRY uptrending again, broader market action likelyUSDTRY is unstoppable - so far it feels like a very shallow correction in orange w2, and this is really the last stop before Lira crashes to 20 handle. Such moves in peripheral currencies often act as precursors of bigger trouble. Here's what to expect soon: - 10Y Treasuries are ready to spike to above 3% (4..5% very likely), - Crude still has to revisit single digits one last time, - EURGBP is ready to drop 1000 pips to 0.76 or lower - GBP is targeting 1.10. - EURJPY should start w3 of triangle thrust, exiting a 10-year long triangle. - EUR is on track to begin fall sharply as of the coming week, and will accelerate after payrolls. - VIX has already tested 29, the uptrend should resume: w1~60, then w3 approaching 150, potentially even 200 is possible at the top. Correlations tend to peak towards the middle and the end of the bearish leg of the cycle: expect all moves to happen in sync.
Long
by AndyM
USDTRY TECHNICAL ANALYSIS 23092021How to Calculate Andrews' Pitchfork Andrews' Pitchfork can be easily applied to price charts without a specialized drawing tool. Point 1: starting point of uptrend or downtrend. Points 2 and 3: reaction high and reaction low in the uptrend or downtrend. Point 1 = starting point of median trend line. Distance between Points 2 and 3 = channel width. Draw and extend a trend line from Point 1 through the midpoint of Points 2 and 3. Draw and extend trend lines from Points 2 and 3 parallel with the median trend line. Change Pitchfork slope by changing Point 1. from investopedia NO INVESTMENT ADVICE...
Short
by volkancetin
5
USDTRY Descending Triangle BreakoutI see possible short term gains on USTRY pair, in my opinion it can cross 9.0 mark this year easily. From technical point of view, it broke Descending Triangle Pattern and has to continue falling further up to 9.0 and above. We have a long range Ascending Wedge Pattern that has been formed since 2018, so it can retrace a bit after hitting upper green line. On RSI we can also see breakout from downtrend, which is also a good indicator that price can go up to 9.0 and above.
Long
by bejaneps