USD/TRY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY has been in a noticeable uptrend since the middle of august. Pattern at hand should be perceived as a bearish correction since pattern's high marks all time high for the pair. As a consequence a market sentiment should be playing a significant role in this all. Speaking about market sentiment, it is noticeable bearish at the moment—75% of all open positions are short on the pair. However, we should pay attention to the few important facts. Firstly, clear majority (72%) of pending orders are set to go long on the pair. Secondly, short and medium term Stochastic (which is constructed to predict major turning points) indicates near term bullish action.  

© Dukascopy Bank SA
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