USD/TRY 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY has recently pierced through the rising support line and confirmed it, which is a strong ‘sell' signal. Nevertheless, there is still a possibility of a rally next week. The currency pair has formed a falling wedge, meaning that demand is building up. The upside, however, is limited. In case of a close above 2.9350, the first target will be a combination of the weekly PP and Feb 24 high at 2.9527. From there the price might launch an attack on the 2.9850/2.9750 area, but should be stopped there, considering that among others the zone is formed by the monthly PP, February high, and 200-period SMA. At the same time, the US Dollar is oversold—72% of positions are short.
© Dukascopy Bank SA
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