A new version of the Turkish Lira was established in after the value of the old Lira fell to drastically low levels. The Turkish economy relies on the foreign cash looking for short term profits making the Lira subject to severe depreciation. These drawing are NOT investment advise.
Consider them as watch-out sketches. There's an opportunity to have just another upward impulse, which could be the third wave inside wave 5. The pair has traded sideways in a range between 3. Price printed a channel blow-off top in January with intervention from the government amongs other things. Price have now traded above the january highs and rejected 8 daily sessions in a row. This butterfly bull is anchored at a convenient resistance level and appears to be heading towards completion.
As always I already jumped on to the C entry and the USD news events today appear to be in favor of the pattern. The price correction in the first two weeks of October was the 1st and current downtrend, started in 21st November, is 2nd corrective waves. The pair broke above the resistance finishing correction. The previous top is the minimum target.
US Dollar moved in a mighty bullish move recently against all major and emerging market currencies after Fed billed the trim of its balance and secured the yield rise in December. US T-notes already dropped huge. Demand for USD will rise as Tom Demark count gave a green 2 on the monthly chart.
This is a clear buy signal. This happens very rare on a monthly level. Green 2 on a monthly chart means we will have up to 7 months of uptrend. Weekly and daily charts confirms this as well. Previous ATH was 3. The pattern began to occur since September and signals the strength in the uptrend refer monthly plotting. We foresee the bullish But once it falls out of the parallel it becomes a massive short - once broken, look for any retest of the parallel from the underside once broken as a second shorting opportunity Fundamentals show a strong uptrend but technicals dont.
I only wanted to see how reliable is technical analysis in a situation like this Indicator overlays are like these on daily chart. This rally can go on or this is just a pull back? For the indicators this can be a pull back why not. Currencies Middle East Exotic. We might have a long position here. Show More Ideas 1 2 3 4 5 From the creators of MultiCharts.
Select market data provided by ICE Data services.More...