USD/TRY 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY is currently approaching the apex of the descending triangle pattern, from which a break-out is expected to take place. Theoretically, the pair still has time to decide on the direction of the break-out until the beginning of the next week; however, a close below the 100-period SMA would imply a downward development of the Dollar against the Turkish Lira. Moreover, statistically 64% of all confirmations from the descending triangle pattern happen to the south. The bearish idea is supported by 4H technical studies and 74% of SWFX traders. On the contrary, daily and weekly indicators are strongly bullish at the moment, leaving in place the possibility of the bullish outcome for the Greenback.
© Dukascopy Bank SA
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