ForecastCity

πŸ’‘ Don't miss the buying opportunity in USDTRY

Long
FX:USDTRY   U.S. Dollar / Turkish Lira
Short-Term Forecast
Trading suggestion:
. The price is trying to break downtrend #1 for the second time. It will be a buying opportunity if downtrend #1 is broken.
. Also, it will be a possibility of temporary retracement to the buy zone when the price reached the suggested resistance line (7.5150) and downtrend #2.
. Traders can set orders based on Price Action in the buy zone and expect to reach short-term targets.

Technical analysis:
. USDTRY is in a downtrend. A divergence is formed, and the beginning of an uptrend is expected.
.The price is below the 21-Day WEMA, which acts as a dynamic resistance.
. The RSI is at 70.

Take Profits:
TP1= @ 7.7350
TP2= @ 8.0303
TP3= @ 8.3652
TP4= @ 8.5690

SL= Break below S2

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Comments

Thank you, very useful analysis, Cheers πŸ‘
+3 Reply
@Kamryn, Cheers πŸ‘
+2 Reply
Thanks πŸ‘
+3 Reply
I'll keep it in my watch list.
+3 Reply
ForecastCity Pro_Trader_007
@Pro_Trader_007, Thanks for your comment! We wish you the best of luck in your trades.
+2 Reply
Good post. Thanks. Whats the timeframe on the chart?
+1 Reply
I like your work! Very useful analysis
Reply
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