USD/TRY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is surging to new heights against the Turkish Lira in an ascending channel pattern on the four hour chart. However, during the analysis of the rate another interesting ascending channel was found. On the hourly chart there is another ascending channel, and the both patterns share a common upper trend line. Moreover, on a larger scale the pair is also in an ascending channel, and the four hour and one hour chart channels are just a representation of the rates surge inside the larger pattern's borders. Most recently the rate reached the hourly channel's lower trend line, and it is likely to surge, as the rate is oversold. It is considered oversold, as 70% of open positions are short.
© Dukascopy Bank SA
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