The American Dollar is trading against the Turkish Lira simultaneously in the long-term and medium-term falling wedges. Most likely that acceleration of the downtrend and formation of the junior pattern were influenced by the Turkish constitutional referendum that took place on April 16. In the last week the pair has bounced off from the upper trend line of the junior wedge and yesterday broke the Weekly PP located at the 3.5775 level. Most likely that in this week the rate will continue its downward movement towards the weekly S1 at 3.5264, which is supported by the lower lows of the senior wedge. However, there is also a possibility that the pair will make a reversal earlier, near 3.5485, confirming formation of the short-term ascending channel.
| Level | Rationale | Indicator | 1D | 1W | 1MN | |||
| R4 | 3.6264 | Weekly R1 | MACD (12; 26; 9) | Sell | Buy | Buy | ||
| R3 | 3.6157 | Monthly PP | RSI (14) | Neutral | Neutral | Sell | ||
| R2 | 3.6100 | Trend-line | Stochastic (5; 3; 3) | Sell | Sell | Sell | ||
| R1 | 3.5869 | 20-day SMA | ADX (14) | Sell | Neutral | Buy | ||
| S1 | 3.5264 | Weekly S1 | CCI (14) | Neutral | Neutral | Neutral | ||
| S2 | 3.5217 | Trend-line | AROON (14) | Buy | Buy | Buy | ||
| S3 | 3.5041 | Bollinger band | Alligator (13; 8; 5) | Sell | Buy | Buy | ||
| S4 | 3.4816 | Monthly S1 | SAR (0.02; 0.2) | Sell | Sell | Buy | ||
| Aggregate | ↘ | → | ↗ |