USD/TRY 4H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The ascending triangle pattern on the four-hour chart of the Dollar/Turkish Lira currency pair has just been confirmed to the downside, as the price crossed the lower trend-line. At the moment it is hovering slightly above the monthly R1 level at 2.1678. We expect the U.S. Dollar to depreciate further; however, the currency will have to cross not only the above-mentioned support line, but also the weekly S1/100-period SMA level at 2.1633/29 just below it. If the pair succeeds in crossing these levels, it can decline even further, possibly down to weekly S2 at 2.1459 in the medium-term. Moreover, market participants support such course of events to take place, as 67% of all positions are short right now.
© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.