USD/TRY 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY is still trading within the boundaries of the triangle pattern, even though there is a high risk of a break-out in the near term. Bearish pressure is currently created by two moving averages on 55 and 100-hour time frames. On the other hand, bulls may rely on support from the pattern's lower edge, which is also strengthened by the weekly pivot point and daily S1 just above 2.92. The only clear signal is being showed by the market sentiment, which is distinctly bearish at the moment, as more than 71% of all open positions are short. Still, daily technical indicators are positive, meaning that the pair's short-term development will mostly depend on the ability to hold above the mentioned demand.

© Dukascopy Bank SA
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