USD/TRY 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The US Dollar remains in a large scale descending channel against the Turkish Lira. Not long ago the currency exchange rate rebounded against the upper trend line of the descending channel. It occurred due to a fundamental event in the form of the Turkish referendum. As a result the currency exchange rate has formed a yet unconfirmed medium term descending channel pattern, which is aimed at the lower trend line of the dominant pattern. However, on its way down the currency exchange rate is set to encounter the support of the 38.20% Fibonacci retracement level, which is located at the 3.5030 level. The retracement levels are measured by connecting the 2017 high and 2016 low levels.
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Tue, 25 Apr 2017 07:03:58 GMT

GBP/AUD 1H Chart: Channel Down

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