USD/TRY 4H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since mid-June USD/TRY has been in a clear up-trend, but recently the currency pair has been struggling with resistance around 2.7950. Nevertheless, appreciation of the Greenback is expected to resume in the nearest future, being that an ascending triangle is a continuation pattern. In theory, given that the price closes above the red line, the rate should rally 450 pips. Accordingly, the main target is the monthly R1 at 2.84; however, we must not forget about the weekly R2 and June high at 2.81 and about the weekly R3 at 2.8247. At the same time, if support at 2.78 is breached, there is likely to be a sell-off down to the monthly pivot point at 2.7338.
© Dukascopy Bank SA
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