Turkish lira Analysis Forecast
I was wrong in my assessments of the Turkish lira – I mean the maximum area of 4.18-4.22 and the Turkish pound easily bypassed it due to the tension in the Middle East and the strengthening of the dollar in the world
The Turkish lira dived and reached a peak today all the low against the dollar to 4.3750 and now the pound is trading against the dollar at a rate of 4.2770 nearly 1000 pips drop from morning
If today the daily candle closes as it did now We have a bearish closing that can signal a further correction below
Last year and for many years I’m covering Turkish lira behavior: last year I posted is the journey of the Turkish lira halted or is it just a pause before setting new records My assumption was that we are going to see the Turkish lira going to 4.12
I mention that there is more than good chance that we are going to see similar behavior who’s appeared in the past
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| turkish lira analysis |
Technical analysis review
Long-term trend forecast moved is still up as long as 3.73 will hold!
Break below 3.73 on weekly basis will send the Turkish to 3.49
Upper limits for this round, in my opinion, was limited to 4.18-4.22 but it failed and we saw today 4.3770 –now watch closely on the prices
Pay attention to 3.73 price level! – closed below this level will send the Turkish lira to cope with 3.59-3.62+_ price area –
A weekly close below 3.5780+- will confirm for more down moves
Points to pay attention: 4.08/4.11 / 3.93-4+_ / 3.87 / 3.83+_ / 3.74+_/3.66
Short-term trend forecast: Break below 4.08-11 will send the Turkish to 3.93- below this levels, you need to watch long-term trends mentions above
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| USD TRY analysis |
usdtry spread start from 8 pips only!
This review does not including any document and/or file attached to it as an advice or recommendation to buy/sell securities and/or other advice