USD/TRY 4H Chart: Set to decline

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Sell
Stochastic (5; 3) Sell Sell Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

Recent development on the USD/TRY currency exchange rate's charts have pressed for a need to review the currency pair. In general, the rate is being squeezed in from both sides, and a breakout is to be expected.

This was discovered, as the medium scale channel up pattern was adjusted and a tight level of various levels of significance was noticed near the 0.91-0.93 zone. 

Meanwhile, in regards to the direction of the upcoming breakout it can be speculated that the pair will break out to the downside. That hypothesis is made due to the existence of a dominant ascending channel pattern, in accordance with which a medium term consolidation could occur.

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