Indicator | 4H | 1D | 1W |
---|---|---|---|
MACD(12;26;9) | Buy | Buy | Buy |
RSI(14) | Sell | Neutral | Neutral |
Stochastic(5;3;3) | Neutral | Neutral | Neutral |
Alligator(13;8;5) | Buy | Buy | Buy |
SAR(0.02;0.2) | Buy | Buy | Buy |
Aggregate | ⇗ | ⇗ | ⇗ |
The US Dollar has been appreciating against the Turkish Lira since the end of November after the USD/TRY currency pair reversed north from the lower boundary of the rising wedge pattern at 5.6890.
Currently, the exchange rate is testing the resistance level formed by the weekly and monthly R1s at 5.8045. Given that the rate is supported by the 55-, 100– and 200-hour SMAs, it is likely that some upside potential could prevail in the market. In this case the rate could target the 5.9000 level.
However, if the given resistance level holds, it is likely that the exchange rate could re-test the lower pattern line in the nearest future. If the given pattern does not hold, a breakout south could follow. A possible downside target is the monthly S2 at 5.6345.