USD/TRY 1H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sharp appreciation of the pair has been observable since USD/TRY successfully attempted to surpass the 200-hour SMA on August 13; the pair skyrocketed from 1.9292, the level close to which the currency couple commenced to form a pattern on August 9, to the peak of 2.0841, at least a five-year high. However, the pair lost its spree after soaring to this high and dived under 200-hour SMA to trade near four-hour support region of 2.0211/19 (four-hour S1,S2). A trading in the bearish pattern coupled with gloomy traders' outlook (more than 62% of market players expect depreciation of the pair) are adding to signs that a further decline will be in place in the days to come.
© Dukascopy Bank SA
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Tue, 10 Sep 2013 13:56:28 GMT

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