An upward wave may be formed in the exchange rate, which can only be regarded as a correction. This wave may rise to 6.0 usd. Then another downward wave structure can be expected. The target price is 5.55 usd level environment.
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.
The RSI support #1 at 48 is broken, so the probability of resumption of uptrend is decreased.
While the RSI downtrend #2 is not broken, bearish wave in price would continue.
Price is below...
USDTRY is slowly turning structure. The current rise in interest rates can slowly boost the Turkish lira's price with a slow, less risque wave structure. It is probable that the exchange rate may increase slightly along its wave axis, but then it may begin to decline more decisively. The exchange rate upper resistance is given by an ATR axis. From this, a more...
The exchange rate may be another rise. But technically there is no apparent rising wave structure. Therefore, 6.743 levels are expected again. The triple-sway wave structure can be supported by a peak axis. The movement that has lasted for days is characterized by a decreasing wave axis. Therefore we do not expect a bigger increase in the exchange rate.
We expect a correction in the exchange rate and a sideways movement. The support and resistance points of the wave structures formed during the sideways movement are expected from the ATR axes. Relaxation may be temporary. We are expecting a repeated rising wave structure The target price is 7.400 usd.
USDTRY Prediction Wave Structure ... The path of a presumed wave in the coming period. We expect the volatility to fall in the exchange rate, H1 ATR axle consolidation. Then the wings formed by these two axes are formatted, one uphill. The steep slope of the exit can be missed by the steep rise angle so far. This can be explained by the effect of an increase in...
5.0000 is a major support, while this level is not broken, the Midterm wave will be uptrend.
We will close our open trades, if the Midterm level 5.0000 is broken.
There is a possibility of temporary retracement to suggested support zone (5.9300 to 5.6450). if so, traders can set orders based on Price Action and expect to...
Please be very careful when trading this pair. The spread can be extortionate and will instantly wipe smaller accounts. For example at £1 per point on Friday the spread cost as much as £300 on entry. When the spread is that big you better pray your entry is perfect! I think the best thing to do right now is NOTHING. Wait for it to drop. There will be people so...
I don't expect any euro zone country bond yields to really suffer due to Turkey, but on the margin the countries in the euro zone with the highest bond yields would probably be the ones who could feel some minor impact. @Berenberg_Econ #Turkey #Lira #Eurozone $EURUSD $USDTRY
USDTRY This is no longer a game ... This is the last level where you can still slow a dramatic rise. The beginning of an exponential graph. Just look at the bitcoin graph, for example. 2-4-8-16. With such scales, ATR increases and at the same time the rate of exchange rate. If Turkish politics does not ease, then the real rise is just coming.
The TRY has dropped over -3,5% against some majors, over 1800 pips in less than 2 hours, since Turkey´s central bank has hold the interest rate level at 17,75% unexpectedly.
After the huge spike of the USDTRY, now it is pulling back after being unable to break the 4,98 level for the third time.
Even though the USD is experiencing a huge spike...
Last post: June 14th. See chart.
Review: The bulls had resumed strength in the market but price still needed to break and close above the pivot high.
Update: Price has moved into a mini area of consolidation and so still requires the breakout. This is still very much bullish.
Conclusion: Continuing to apply patience until the breakout is confirmed.
Last post: June 12th. See chart.
Review: Price was finding momentum at pivot support.
Update: Bullishness has continued with further moves to the upside.
Conclusion: Applying patience until the breakout before adding long trades.
Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments!
Last post: June Ninth. See chart.
Review: Price had pulled back to pivot support where we wanted to see strength.
Update: Price is showing signs of strength with 2 potential bullish bars in a row.
Conclusion: Continuing to stand aside until the pivot high of May is cleared before adding further long trades.
Any comments or questions, do not hesitate to...
The current trend is uptrend and the forecast is the continuation of uptrend.
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
Price is below WEMA21, if price rises more, this line can act as a dynamic resistance against more gains.
Relative strength index (RSI) is 51.
Last post: June 3rd. See chart.
Review: Price had bounced off support and the bulls were very much in control but some distance off a breakout.
Update: Price reversed and the bears have pulled price back to the same pivot support level forming a potential double bottom.
Conclusion: Continuing to apply patience until the May high is cleared.
Any comments or...
Last post: May 25h. See chart.
Review: The bulls resumed control of the market following a volatile day in the market.
Update: This was short-lived as the bears came in strong and pulled back to a pivot support zone where price has bounced to the upside.
Conclusion: Applying patience until the high of May and the major round number 5.0000 is cleared. Will...