USD/TRY 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY consolidated the uptrend in an ascending triangle pattern and has just tested the bottom trend-line of the pattern to extend a surge to the upper boundary at 3.5449. The pattern is most likely to break to the upside, and focus will then shift to 3.5788/5825 where a cluster of resistances could push for a retracement. The pair has currently entered a green cloud which indicates a correction phase and both boundaries of it ate strengthened by 100 and 55-hour SMAs. Therefore, the pair could remain inside of the cloud for just a little longer.
© Dukascopy Bank SA
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