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Long

The USDTRY Steams Ahead

FX:USDTRY   U.S. Dollar / Turkish Lira
We last posted on the USDTRY on April 6th when price had broken and closed above pivot resistance.

Prior to that, price had been in a consolidation that stretched back to November of last year. The longer the consolidation, the bigger the breakout is the expression and we would like that to hold true for this currency.

Price has seen three strong bullish days since the last post but do not expect this continue. Price does not and will not simply shoot off in a straight line. There will be trends that move faster than others, and this could be an example of that, but even fast moving trends have breather periods and pullbacks within the trend.

What we now want to see on the USDTRY is just that - a breather or a pullback of sorts. It may not be as deep as to the support level highlighted above but we do need to see a correction.

If the pullback is deep then it could offer a pullback entry. If price simply goes through a breather, then a breakout entry would be more suitable.

We will let price dictate that.

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

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