USD/TRY 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Starting from mid-December the U.S. Dollar has been outperforming the Turkish Lira and at the same time respecting the up-trend line that currently creates support in the region around 2.1786.
Given that USD/TRY has formed a rising wedge and the apex of the figure is already nearby, there is a significant chance that this demand area will soon be breached, potentially leading to a dip down to 2.0842. These concerns are also shared by the SWFX market participants, 75% of whom are currently short on the greenback. Nevertheless, there are more bullish four-hour technical indicators (4 out of 8) than bearish (2 out of 8).  

© Dukascopy Bank SA
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