USD/TRY 4H Chart: Channel Down

Source: Dukascopy Bank SA
The US Dollar is depreciating against the Turkish Lira in a rather strange way. The reason for that is the fact that, after the bounce off from the upper trend line of the long term descending channel, no new medium term pattern has formed. Instead a downwards aimed supporting trend line persists. The trend line keeps the currency exchange from plummeting downwards together with various Fibonacci retracement levels. The retracement levels are measured by connecting the 2016 low and 2017 high levels for the short term outlook and the 2014 low and 2017 high for the longer term forecast.

  Level  Rationale     Indicator 4H 1D 1W
R4 3.6157/3.6222 Monthly PP; 100-period SMA     MACD (12; 26; 9) Sell Sell Buy
R3 3.6069 Weekly R1     RSI (14) Neutral Buy Neutral
R2 3.5741/69 Weekly PP; 55-period SMA     Stochastic (5; 3; 3) Buy Neutral Sell
R1 3.5647 61.80% Fibo     ADX (14) Sell Sell Sell
S1 3.5232 Weekly S1     CCI (14) Neutral Buy Buy
S2 3.5100 Trend line     AROON (14) Buy Buy Buy
S3 3.5000 23.60% Fibo     Alligator (13; 8; 5) Sell Sell Buy
S4 3.4904 Weekly S2     SAR (0.02; 0.2) Sell Sell Sell
          Aggregate ↘ → →
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