| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Buy | Buy |
| RSI(14) | Neutral | Sell | Neutral |
| Stochastic(5;3;3) | Neutral | Neutral | Sell |
| Alligator(13;8;5) | Buy | Buy | Buy |
| SAR(0.02;0.2) | Buy | Buy | Buy |
| Aggregate | ⇗ | ⇗ | ⇗ |
The USD/TRY currency pair has been trading witin the rising wedge pattern since the beginning of January. As apparent on the chart, the pair has already surpassed the 6.0000 level.
From a theoretical perspective, it is likely that a breakout south could occur in the nearest future. In this case the exchange rate could decline to the Fibonacci 38.20% retracement at 5.8128.
However, note that the currency pair could gain support from the 55– and 100-hour SMAs near 6.0500. Thus, some upside potential could prevail in the market. Note that the pair would have to surpass the monthly R2 and R3, located at 6.0914 and 6.1913 respectively.