USDTRY - Symmetrical Triangle on the weekly chart
USDTRY has been enjoying relief rally as result of 50 Weeks MA violation. The tide may be turning. It looks like the trend have come to exhaustion.
The doji candle ( so called gravestone doji ) on the weekly does not look pretty.
The only possible pattern is symmetrical triangle which usually ends price breaking down.
Important: The upper resistance of the triangle is strong. I expect that price will turn down from here ( highly possible due to grave stone doji candle formed right at resistance) to retest the 50 weeks Moving Average support. Slight violation of the long term MA to the downside is ok. However, if the momentum breaching down the 50 WMA will be strong, then we should expect that the bottom of the triangle will be first embraced, then probably be breached down.
If the price targets for both bulls and bears are on the chart.
USDTRY Bulls should break up the upper boundary of the triangle urgently and should close next week above the triangle!! Otherwise, things will get ugly.
Take this as a pinch of salt. Trade safe.
The doji candle ( so called gravestone doji ) on the weekly does not look pretty.
The only possible pattern is symmetrical triangle which usually ends price breaking down.
Important: The upper resistance of the triangle is strong. I expect that price will turn down from here ( highly possible due to grave stone doji candle formed right at resistance) to retest the 50 weeks Moving Average support. Slight violation of the long term MA to the downside is ok. However, if the momentum breaching down the 50 WMA will be strong, then we should expect that the bottom of the triangle will be first embraced, then probably be breached down.
If the price targets for both bulls and bears are on the chart.
USDTRY Bulls should break up the upper boundary of the triangle urgently and should close next week above the triangle!! Otherwise, things will get ugly.
Take this as a pinch of salt. Trade safe.