USD/TRY 1H Chart: Short-term decline expected - Trade Pattern Ideas - Dukascopy Bank

Thu, 17 Oct 2019 14:34:21 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralSellNeutral
Stochastic(5;3;3)NeutralSellNeutral
Alligator(13;8;5)BuyBuyBuy
SAR(0.02;0.2)SellBuyBuy
Aggregate

The US Dollar has been appreciating against the Turkish Lira since the beginning of October when the USD/TRY currency pair reversed north from the lower boundary of the rising wedge pattern.  

As apparent on the chart, the exchange rate has already reversed south from the upper pattern line. From a theoretical point of view, a short-term decline is expected, as the rate should target the lower pattern line. However, note, that the decline might not be immediate, as the pair has to surpass the support level—the Fibo 38.20% at 5.8128. 

If the given pattern holds, the general direction is expected to remain north for the medium-term. Otherwise, the pair could decline to the psychological level at 5.5000.


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