USD/TRY 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY failed to cross the 3.0760 mark for two consecutive times in the past two weeks, which resulted in the double top pattern emerging in the four-hour chart. The price is currently approaching the new monthly pivot point at 3.0049, which seems to act as a very strong psychological support. Moreover, both 55 and 100-period moving averages have just crossed each other, implying an improving sentiment with respect to the US Dollar. Additionally, the majority of traders (54%) are holding long open positions at the moment. Thus, our outlook is positive in the long term, while initial task of the longs requires a violation of the upper boundary of the pattern.

© Dukascopy Bank SA
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