USD/TRY 4H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The ascending triangle pattern on the four-hour chart of the Dollar/Turkish Lira currency pair has just been confirmed to the downside, as the price crossed the lower trend-line. At the moment it is hovering slightly above the monthly R1 level at 2.1678. We expect the U.S. Dollar to depreciate further; however, the currency will have to cross not only the above-mentioned support line, but also the weekly S1/100-period SMA level at 2.1633/29 just below it. If the pair succeeds in crossing these levels, it can decline even further, possibly down to weekly S2 at 2.1459 in the medium-term. Moreover, market participants support such course of events to take place, as 67% of all positions are short right now.
© Dukascopy Bank SA
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