USD/TRY 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is in a triangle pattern against the Turkish Lira. At the moment, the pair is trading at 2.9322, which is above and close to the pattern's lower trend line. As the currency exchange rate still has not broken out of the pattern, a break out of the pattern downwards is still possible. The rate is still struggling with the support provided by the May low at 2.9271, the daily S1 at 2.9239 and 55-hour SMA at 2.9284. However, as the pattern's lower trend line is an upwards line, the US Dollar can still move upwards in the pattern's borders against the Turkish Lira. In this effort the pair stands against the resistance put up by the daily pivot point at 2.9324. The aggregate technical indicators also forecast a depreciation of the Greenback against the Turkish Lira.
© Dukascopy Bank SA
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