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Long

The USDTRY on the Watchlist

FX:USDTRY   U.S. Dollar / Turkish Lira
The USDTRY is new to our TradingView blogs and deserves highlighting given the current setup.

As an exotic, this currency pair can trend well and highlighted on the monthly time frame but pullbacks can be deep and price can go through extended periods of consolidation. This is useful to know for those that want to trade this. There is no better indication of future price movement than history.

Looking at the daily time frame, we can see that price had been in a period of consolidation since November of last year. Towards the end of March and the start of April, we saw price break out of this consolidation as well as close above the key resistance level of 4.0000.

This breakout has offered an entry point for the more aggressive traders which will have been triggered today. The more conservative will recognise that this is an exotic and price action can be "wicky" at times and so will choose to wait for further confirmation of the bull trend and the next breakout before entering long trades.

The USDTRY has been trending nicely since breaking through the daily 50SMA at the start of March. We would like to see this linear trend structure now continue to the next key level of 5.0000.

Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!

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