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USDTRY

The pessimism over a deteriorating Turkish economyIt looks like the lira will continue its weakness due to the surprising decision from Turkey’s central bank made on Friday. Investors have been disappointed over expectations that it would raise its interest rate – now that it kept the rate as it is, investors will keep pushing the dollar up. Geopolitics, as well as the possibility of another coronavirus wave, will also stir pessimism over a deteriorating Turkish economy for a longer time than its government forecasted earlier this year. The pair’s 50-day moving average has been surging above its 200-day moving average, and it will continue to do so until the Turkish economy begins to show workable progress towards its economy. That probability is getting thinner and thinner by the day. Even then, the US stimulus packages are unlikely to pull the greenback down against the lira, even as its value decreases over what could be a 2 trillion US dollar package for suffering businesses and states.
Long
by Financebroker
💡Ascending Triangle in USDTRY - "Learn More Earn More" With USAscending Triangle Definition: An ascending triangle is a type of triangle chart pattern that occurs when there is a resistance level and a slope of higher lows . It is defined by two lines: . A horizontal resistance line running through peaks. . An u ptrend line drawn through the bottoms. The higher lows indicate more buyers are gradually entering the market and buying pressure increases as price consolidates moving further towards the apex. An ascending triangle is classified as a continuation chart pattern. If price can break through the resistance level , that level will now act as a support level . Breakouts can also happen in both directions. Statistically, upward breakouts are more likely to occur, but downward ones seem to be more reliable. In most cases, the buyers will win this battle and the price will break out past the resistance.But Sometimes the resistance level is too strong, and there is simply not enough buying power to push it through. Therefore you should be ready for movement in EITHER direction. ENTRY: We would set an entry order above the resistance line and below the slope of the higher lows. TARGET: Target is approximately the same distance as the height of the triangle formation. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Education
by ForecastCity
8
💡Ascending Triangle in USDTRY - "Learn More Earn More" With USAscending Triangle Definition: An ascending triangle is a type of triangle chart pattern that occurs when there is a resistance level and a slope of higher lows . It is defined by two lines: . A horizontal resistance line running through peaks. . An u ptrend line drawn through the bottoms. The higher lows indicate more buyers are gradually entering the market and buying pressure increases as price consolidates moving further towards the apex. An ascending triangle is classified as a continuation chart pattern. If price can break through the resistance level , that level will now act as a support level . Breakouts can also happen in both directions. Statistically, upward breakouts are more likely to occur, but downward ones seem to be more reliable. In most cases, the buyers will win this battle and the price will break out past the resistance.But Sometimes the resistance level is too strong, and there is simply not enough buying power to push it through. Therefore you should be ready for movement in EITHER direction. ENTRY: We would set an entry order above the resistance line and below the slope of the higher lows. TARGET: Target is approximately the same distance as the height of the triangle formation. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
by ForecastCity
12
USDTRY Gains Another 1,390 Pips!The Turkish Lira continues to weaken which we can see in this chart where the US Dollar is displaying dominance over the Lira. Since the last post, price has risen by 1,390 pips which is 1.8%. Based on the weekly timeframe, price has not yet formed a clean pullback so we may be due one. But if the trend is strong, then we may not see a pullback for some time. The consolidation resistance was formed around the 7.000 round number, so the next round number at 8.000 may create some difficulty for price to make it past. When the USDTRY is in a trend, it does tend to pick up speed so we shouldn’t be surprised if we experience a surge in price. This happened back in 2018 when price was in an uptrend then we saw a move of 26% in the month of August 2018 alone. We can’t guarantee what will happen next so we just have to continue on as normal and look to maximise profits as much as we can, so long as this trend continues to run. See below for more information on our trading techniques. As always, keep it simple, keep it Sublime.
Long
by Sublime_Trading
10