USD/TRY 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY has been fluctuating in a 1600 pips range since early August, when the pair has formed a triangle pattern. However, the pattern is moving to its apex as both trend lines will converge on November 7, hence not later than in two weeks the pair is likely to be highly volatile. It is hard to predict a direction of a breakout in symmetrical triangles, however, the majority of technical indicators are sending "buy" signals. Despite support and resistance lines, the pair is bounded by Fibonacci retracements at 1.9548 and 2.0041. Moreover, from the upside the pair is under pressure from the 200-bar SMA, which is located at 1.9934.
© Dukascopy Bank SA
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