Signal_Centre

USDTRY - Expanding wedge offers upside bais

Long
FX:USDTRY   U.S. Dollar / Turkish Lira
FX:USDTRY
OANDA:USDTRY
SAXO:USDTRY

USDTRY - Intraday - We look to Buy at 5.6870 (stop at 5.6525)

Posted Mixed Daily results for the last 47 days. Price action has formed an expanding wedge formation. The medium term bias remains bullish . The trend of lower highs is located at 5.7905. However, with the intraday chart now highlighting higher lows we are possibly forming an ascending triangle pattern. Further upside is expected although we prefer to set longs at our bespoke support levels at 5.6870, resulting in improved risk/reward.

Our profit targets will be 5.7900 and 5.8000

Resistance: 5.7905 / 5.8000 / 5.9500
Support: 5.6870 / 5.6460 / 5.6300

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