| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Buy | Buy |
| RSI(14) | Sell | Sell | Sell |
| Stochastic(5;3;3) | Neutral | Sell | Sell |
| Alligator(13;8;5) | Buy | Buy | Buy |
| SAR(0.02;0.2) | Sell | Buy | Buy |
| Aggregate | ⇒ | ⇒ | ⇒ |
The USD/TRY currency pair has been trading within a rising wedge pattern since the beginning of March. The pair has already surpassed the 6.8000 level.
From a theoretical point of view, it is likely that the exchange rate could continue to trade within the given pattern until the end of April. Then, a breakout south could occur. In this case the rate could gain support from the monthly PP and the Fibo 23.60%, located at 6.4238 and 6.2973 respectively.
On the other hand, it is likely that the currency pair could gain support from the 55-, 100– and 200-hour SMAs in the 6.7980/6.9100 area and continue to extend gains. Note that the pair could face the resistance level—the monthly R3 at 7.4016.