I believe that USDTRY will remain strong and most likely will go back to an uptrend next week...
In descending triangle, perhaps wait for confirmation with MACD crossover before buying. Overnight premium is very attractive.
Thoughts on Chart. Although after a period of consolidation the price can go either direction, my bets are on a move down. Here are the reasons. 1. MACD crossover. 2. Downwards trending 100 MA. 3. All factors that have damaged the price have already been factored in. Unless war breaks out, I'd say a drop is likely. 4. Buying Turkish Lira pays very well. Great...
USDTRY is nearing Large Supports (2.91 - 2.88) and Resistances (3.00 and 3.06). It is inevitable that it will eventually break out, but to which direction? USDTRY has been in a Longterm Uptrend for years now, and if the support is broken, it may jeopardize this trend and lead to the downfall of this currency pair. I believe that gramci_2's Pitchfork concept ...
USDTRY - 1W IDEA Finnish 2-nd ELLIOTT WAVE of 3-th big elliott wave... Will make 3th wave
USDTRY - Elliott waves All Times...IDEA
Entry point must be broken and need a confirmation from 1h or 4h chart.
USDTRY - Ascending Triangle, AB=CD, Head and Shoulders 1W IDEA I think there is a 3 target point. First target 3.0920 Second target 3.1455 Third target 3.1735
USDTRY Continuance, maybe... There is a political games in Turkey and region. Keep following crude also.
If I am wrong please correct me....