USD/TRY 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 77-bar long descending triangle pattern shaped by USD/TRY originated at a one-month high of 2.1194. The pattern is relatively short and the pair has almost approached the apex, meaning that the recent jump above the upper trend-line may lead to an accelerating advance. If this comes true, USD/TRY may try to move above several important resistance levels at 2.0880/4 (four-hour R3; daily R1), 2.0933/40 (daily R2; 200-hour SMA) and 2.0975 (daily R3). At the same time, market players do not hold an optimistic view, being strongly bearish-about 70% of positions on the SWFX are short.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.