USD/TRY 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Recently, we have observed abnormally large fluctuations of USD/TRY. The pair skyrocketed to the highest level since at least 2007 of 2.3911 on January 27 and lost more than two thousand pips in the following day. In fact, some fundamentals were at a play, with the central bank of Turkey raising rates to stabilize the national currency. Having faced unusual volatility, the currency pair followed a distinct downside trend. Now the pair is struggling at the 50-hour SMA that is meandering at 2.2168, close to the upper trend-line of the 190-bar long falling wedge pattern and may break through this level given that more than two thirds of traders are bullish on the pair.
© Dukascopy Bank SA
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