USD/TRY 4H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is in a falling wedge pattern against the Turkish Lira, as the currency exchange rate reached this year's top level on July 21 and began to move southward afterwards. At the moment, the pair is near the pattern's resistance line at 2.9550, against which it has begun to bounce off. Further the rate will move to the pattern's support line at 2.9000 without encountering almost any support levels, which could hinder the rates movement. However, there are two inconsistencies, due to which the falling wedge pattern can't be trusted fully as a guide for the exchange rates further movements. First of all, the rate has had a tendency to change direction before fully confirming trend lines. Secondly, the pair is already oversold, as 72% of SWFX trader open positions are short.
© Dukascopy Bank SA
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