USD/TRY 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having approached more than a five-year high, the U.S. Dollar retreated against the Turkish Lira; however, the weakness appeared to be short-lived as the pair managed to rebound and form a rising wedge pattern that was started on September 19. At the moment of writing, the pattern was 295-bar long and its quality and magnitude were above 80%. In the hours to come, the U.S. Dollar is likely to extend its gains versus the Turkish Lira given bullishness of the market participants who are buying pair in 56.25% of cases.
© Dukascopy Bank SA
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