USD/TRY 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having touched the 200-period SMA on 4th of September the pair gained momentum and started to form a rising wedge pattern. Currently, the pair remains in the up-trend and we are not likely to see notable changes to this trend if the 2.21 level remains intact. Moreover, the technical studies are also neutral with slightly more bullish signals, thus suggesting that the pair is likely to hold its positions or even climb higher. Nonetheless, the SWFX traders are not very bullish on the pair, with only a slight majority (53.73%) of them expecting the U.S. Dollar to outperform the Turkish currency.
© Dukascopy Bank SA
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