USD/TRY 1H Chart: Descending Triangle

Note: This section contains information in English only.
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
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Tue, 27 May 2014 07:09:06 GMT

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