USD/TRY 30M Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar entered a Falling Wedge pattern against the Turkish Lira the next day after Brexit, as the currency exchange rate started steadily moving lower, with small fluctuations in the general trend. Yesterday the pair passed a huge cluster of support from 2.9283 to 2.9050, which is made up from three SMAs and the monthly and weekly pivot points. In addition, the cluster, which now puts up resistance, is also strengthened by the pattern's upper trend line at 2.9033. On its way down the exchange rate has no supports standing in its way until the level of 2.8780, where the pattern's lower trend line is located at.
© Dukascopy Bank SA
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