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...
USDTRY 2.5% band sideways. The exchange rate may begin to move in a descending speed band. I look forward to building the band within the yellow rectangle. Then I assume a stronger upward movement. The target price can be 6,3300usd. From the bottom of the bar, this is an increase of almost 11.56%. Up to one week short position can be taken from the current level...
DAY TRADE - Expires at 9pm today
The medium term bias remains bullish.
Trading within a Corrective Channel formation.
Bespoke resistance is located at 5.7849.
Intraday signals are mixed.
Preferred trade is to sell into rallies.
Expect trading to remain mixed and volatile.
We look to Sell at 5.7850
Target 1: 5.6320
Target 2: 5.5465
As I mentioned in my previous post , the wave count is intact...and you can see that we have begun the third wave just where I spotted the end of the wave 2 ...we can also visualize the strength of the move upside which is characteristic of the third waves...will update
Sell USDTRY on continued US govt shutdown and poor global growth data lowering the chance of US central bank raising interest rates further. Rates markets including cash and derivatives are pricing in at most 21% chance of a rate hike from summer 2019 onwards. Why does this matter? Emerging markets fund their budgets in USD and as US rates increase EM funding...
The exchange rate is up 21%. The rise can be built in a double wave structure. We are currently in a flatter stage. Retreating this uplifting stage can cause steeply rising waves. Target price for rising double wave structure is 6.3838 usd level.
USDTRY is a very tricky exotic pair to tackle. The exotics on the whole are erratic and offer may traps and false breakouts. This is a dangerous pair and not recommended for those without experience of exotics.
On this occasion I'm departing from my system of 'rules' because I'm dealing with such a wild 'animal'. I have experience of exotics doing false...
USDTRY is ready to turn. The exchange rate may increase. It is currently passing through a defining fractal point that can be determined by an axis (gray blue). Fractal points and the ATR distance measurable on them can be used to determine the target price and correction axes. The upward wave structure of the exchange rate may be 5.8539 usd. Then, after a...
There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 5.0000 would begin in Midterm.
We will close our open trades, if the Midterm level 5.0000 is broken.
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
Price is below WEMA21, if price rises...