USD/TRY 1D Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY has broken out of the major symmetrical triangle to the upside after trading between two converging trend-lines for 21 months. This promises further strengthening of the US Dollar against the Turkish Lira in the foreseeable future.
However, first, there is likely to be a relatively small bearish pull-back down to 2.2840 before the currency pair re-tests a cluster of resistances around 2.3070 and then continues to move north. At the same time, the technical indicators also favour bullish outlook—there are more ‘buy' signals than there are ‘sell' ones both on the weekly and monthly time-frames.
© Dukascopy Bank SA
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