USD/TRY 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A stab to a one-month low in mid-November incited an advance of the U.S. Dollar versus the Turkish Lira that led to a formation of the rising wedge pattern on November 28. After fluctuating within the pattern boundaries during almost 90 hours, the pair breached the lower limit that is an indication that the breakout may have occurred. However, a sharp decline that usually follows such breakout may be held back by the 50-hour SMA that is sitting at 2.0450 and is not likely to let the pair to reach the daily support at 2.0411 in the hours to come.
© Dukascopy Bank SA
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Thu, 05 Dec 2013 07:05:12 GMT

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