USD/TRY 4H Chart: Broadening Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After the USD/TRY pair approached lower boundary of the pattern on Thursday of the previous week, it is now developing to the north in the direction of the upper trend-line. The Buck has recently violated the 55-period SMA, confirming intentions for additional gains in the medium-term. In case the pair manages to penetrate the next major resistance at 2.64 (weekly R2; 100-period SMA), then bullish market participants will target the next resistance at 2.66 (monthly PP; 200-period SMA). However, any difficulty to test one of these levels may lead to massive sell-offs of the pair, as daily technical studies are bearish and 75% of traders are holding short open trades on the US Dollar.
© Dukascopy Bank SA
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