USD/TRY 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
By connecting the peaks and troughs of USD/TRY charted since the end of March, it is possible to come to a conclusion that there is a falling wedge emerging on the four-hour chart. Therefore, we should expect a reversal of the current trend, namely a break-out to the upside. However, the apex of the pattern is still far away and the upper falling trend-line is reinforced by the 200-period SMA and weekly R1, meaning a bullish run, if it is to happen, is likely to occur later rather than sooner. Meanwhile, the SWFX market participants generally hold a bearish view on the U.S. Dollar, as 66% of open positions are short and only 34% are long.
© Dukascopy Bank SA
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