USD/TRY 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a near perfect bullish setup in the four-hour chart of USD/TRY. In addition to the falling wedge, the pair is currently testing a multi-year rising support line. Accordingly, our base scenario is a strong rally from 2.91 and potentially to the July high at 3.10. The first important intermediate resistance in this case will be near 2.97, where the weekly PP merges with the 200-period SMA and the August 11 high. If this supply area is broken, additional strong resistance is expected to be between 3.0330 and 3.0230. Alternatively, in case 2.91 is violated, our focus will shift to supports. A solid demand area is just below 2.88, where the weekly S3 is joined by the monthly S1 and July low.
© Dukascopy Bank SA
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