USD/TRY 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Recent trend of USD/TRY illustrates the transformation of a falling wedge into descending triangle pattern. We have already discussed the falling wedge, which gave a foundation for the descending triangle. So, today we will focus on the pattern developing at the moment.
The 247-bar long triangle originated on January 29 and now the pair is unremittingly approaching its apex, suggesting that the breakout is looming. Despite overall bearishness of the triangle, market players are modestly bullish on the pair, with 57.14% of positions being long. This may signalize that upward exit is possible.
© Dukascopy Bank SA
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