The Turkish Lira is at all time lows against the US dollar, partly because of Turkey's economy, macroeconomic policies, politics, and mainly because of the US Dollar which is the strongest currency out there (and yes, it will remain strong). While Turkey is a country with politic problems and an economy that is not growing anymore as it did in the past, the US is preparing for the first rate rise in many years. This subject has been discussed over and over again and there is no point in detailing.
The longer term chart of USDTRY shows a clear uptrend, with all time highs. This leaves me with the duty of finding entries on the daily chart in order to profit from this incredible uptrend.
I believe the recent correction after the buying climax has ended last week and today is the first serious step for new all time highs. I personally bought a bit on Thursday, some more on Friday, and some more a few moments ago before posting this chart. I have a stop below this recent triple bottom and I am looking for new highs.
* I forgot to draw on the chart that recently an inverse head and shoulders pattern formed, which is bullish.
The longer term chart of USDTRY shows a clear uptrend, with all time highs. This leaves me with the duty of finding entries on the daily chart in order to profit from this incredible uptrend.
I believe the recent correction after the buying climax has ended last week and today is the first serious step for new all time highs. I personally bought a bit on Thursday, some more on Friday, and some more a few moments ago before posting this chart. I have a stop below this recent triple bottom and I am looking for new highs.
* I forgot to draw on the chart that recently an inverse head and shoulders pattern formed, which is bullish.