USD/TRY 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Bearish potential led USD/TRY to sketch a rising wedge to potentially end the ranging market phase. The pair is still trading inside the pattern and is now targeting the bottom trend-line of it to potentially stick to it and then break it. The boundary lies at 3.8039 and is strengthened by the 200-hour SMA with other time frame SMAs also lying just pips away. A cloud support lies just below the pattern and in case of a break below, it will open the way to 3.7504, the monthly R2. A surge will be cut around 3.8349 or 3.8425, which will initiate a wave south.
© Dukascopy Bank SA
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