USD/TRY 30M Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY traded flat on Friday, approaching the bottom trend-line of the channel up - and a tap might strengthen area or break it. While we lean in favour of an extended uptrend inside of the channel, a rising wedge has characterized recent movements and is now testing the weakness of the pair around 3.1440. The pair appears to be pushing through the area with ease, which might mean that 3.1275 will be the next target after 3.1135 is beaten. In the alternative case of the wedge actually running the trend, USD/TRY will hitch at the channel bottom line just to extend the weakness to 3.1063 and 3.1039 consequently. A 75% of short positions suggests that demand pressures could push the pair towards the equilibrium above and preserve the channel pattern.
© Dukascopy Bank SA
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