USD/TRY 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a deep bearish correction the currency pair experienced in the first half of September USD/TRY managed to revive the up-trend near 1.9364. However, since Sep 19 the trading range has been narrowing, meaning there is a rising wedge pattern being formed on the four-hour chart, which in turn implies an increasing possibility of a strong sell-off, once the lower boundary of the channel, currently at 2.0013, is breached.
The idea that the price is poised for a significant decline is also shared by a substantial majority of SWFX market participants—70% of open positions are short at the moment.
© Dukascopy Bank SA
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Fri, 06 Dec 2013 14:54:36 GMT

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