USD/TRY 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A three-week high reached in the last day of September was a starting point of a gradual retreat performed by USD/TRY during two weeks. After that, the downside pressure abated and the pair appreciated slightly, forming a rising wedge pattern. Market players bet on further advance of the pair, being bullish in 86.67% of cases. To confirm this, USD/TRY has to surpass its four-hour and daily pivot points at 1.9834/43, and then target 1.9857/83. Given that currently USD/TRY is trading not far away from the convergence point of the pattern, the materialization of traders' outlook is likely to suggest a bullish breakout that may take the pair well above the up-trend resistance.
© Dukascopy Bank SA
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