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...
Turkey is involved in a lot of (geo)political, military and terrorism concerns. Despite relative EUR weakening and low oil price, TRY is loosing its strength due to the risks inherent to the country.
On technical daily side, PA is above the cloud. We may see a retracement soon towards the twist and then a rise towards the highest levels of 2015. Impatient traders...
The major pitchfork in the chart is constructed using P00 instead of P0, and seems to describe the market fairly good. The price has finally failed go below .5 LMLH, which allowed the construction of the minor pitchfork. The monthly view for this pair suggested a continuation of the upward motive, however little that continuation might be. Now it seems that a...
The level where the upward move has last been halted (around 3.47) was key. It is likely that the market will test the trigger line shown in chart. This will necessitate breaking the LWL1 on which the current leg relies. The bullish motive may continue in the following weeks, hitting the UMLH of the downsloping pitchfork. During that, the Stoch should climb up...
