The Turkish Lira has been in a long term devaluation against the US dollar for quite a few years and it looks as if there will now be re-test of the lowest point of support on this chart. Inflation in Turkey is at 80% and the news came through yesterday that the government has just cut interest rates from 14% to 13%.
Trading suggestion:
". There is a possibility of temporary retracement to the suggested support line (17.9722).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. USDTRY is in a range bound, and the beginning of an uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a...
Trading suggestion:
". There is a possibility of temporary retracement to the suggested support line (17.9722).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. USDTRY is in a range bound, and the beginning of an uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a...
the price broke the strong resistance wall so now will try to reverse near 17.97 and then will try to reach 18.24 is the highest of the USDTRY
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USDTRY
tendency upward
Entry: above 17.96
TP: 18.04 & 18.100 & 18.240
sl.: 17.5900
risk 2.0%
USD/TRY now looks to the CBRT
- USDS/TRY clinches the second session in a row with gains on the back of the continuation of the bid bias in the greenback, always amidst persistent risk-off tone and helped further by rising US yields.
- In the meantime, the lira is expected to remain under scrutiny ahead of the interest rate decision by the Turkish central bank...
The pair is very overbought and now we got a negative stoch RSI suggesting we have a start of a corrective pattern. The lower end of the upward sloping channel is 14.2600 and the top above 18.6200.
The strategy is unchanged and we should see lower levels in the medium-term. I feel long-term 11.50 possible, based on the long-term overbought state. However, we...
The pair is as usual not moving much and this is the behavior of a managed float and costly exercise for the authorities.
The over all picture is, we may see little higher at first, i.e. 18.50-19.00 to satisfy the lower RSI and higher high scenario of negative divergence. Overall, I would prefer short and maintain it and add at certain selected intervals.
The...
Hello traders and arkadaslarim, This is an update of previous analysis (blow link). Everything is clear on the chart for you like always. So monitor the price's action in the circle. After breakout the resistance zone and fixation, we can buy and for lower risk after pullback.
Good luck.
If you like the idea, do not forget to support with a like and follow me for...
USDTRY Can stable at the bullish zone and now gradually will try to reach the high of the historical price of USDTRY
tendency upward
Entry: above 17.790
TP: 18.04 & 18.100 & 18.240
sl.: 17.5900
risk 2.0%
Short-term we have been grinding slowly higher, and we are nearing channel resistance 17.88.
The medium-term and long-term situation is more interesting, and shows we have reasonable chance to see much lower levels. The pair is way overbought, and even controlled and all the news surrounding the condition of the market, does not change the tech picture we are in....
The Turkish unemployment rate decreased by 0.3% on a monthly basis in May
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USDTRY
tendency upward
Entry: above 17.31
TP: 17.58 & 17.78 & 18.20
sl.: 17.15
risk 2.0%
