USD/TRY 4H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/TRY showed signs of a rectangle formation early September, however, further developments suggested that the pair follows an ascending triangle pattern, implying that the market will continue trending for bulls to gain. An attempt at 2.9871, the triangle top trend-line, did not end with a close near the resistance line, causing the rate to take a more flattish road up. 2.9842 is the first near-term resistance to overstep, and 2.9922 will be the next level to watch in case the pair breaks the triangle supply level. A dip would be stalled by 2.9791 at first, just to sink into the 2.9769 bottom uptrend and bounce back to test the same levels but from the other side.
© Dukascopy Bank SA
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