USD/TRY 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a jump to the highest level since at least 2009, the greenback started to depreciate against the Turkish Lira. More than a four-month decline pushed the currency pair into a bearish corridor that now is over 310-bar long.
However, the weakness is not likely to be eternal and we may see a proof of this soon. USD/TRY settled above the tunnel's upper boundary several hours earlier that may mean a breakout followed by a sharp rally may be in place in the hours to come. Technical numbers also are pointing to a possible rally in the nearest term but are warning about a weakness in the longer perspective.
© Dukascopy Bank SA
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