Turkish Lira collapse all-time lows, Dance of Demons about to end or ….

Turkish Lira Analysis

The Turkish lira continues to plummet –  reached an all-time high of 7.10 in August of 2018   the decline was being driven by the downgrade of Turkey’s currency by credit rating agencies S&P and Moody’s late Friday, this step could also prompt a similar downgrade to Turkey’s banks
Turkey’s central bank on Monday revised its reserve ratio to free foreign currency of commercial banks in order to support the plunging currency,  turkey already struggling with the measures taken by Turkey’s authorities to support the lira but it was not as successful as it can be seen
The Turkish lira weakened against the dollar by more than 60% this year.

Last 3 months we saw an audiovisual show of the Turkish Lira, mention here not once that Turkish lira located  in Dance of demons

The equilibrium point is currently at 5.31 Turkish lira for one USD according to the charts

Turkish Lira  technical Analysis
Turkish Lira Analysis

Is Turkish Lira in the final stages before a move or we will see history again as in 2001

Turkish Lira  technical chart
Turkish Lira chart

Technical analysis update
 Long-term trend forecast moved is still up as long as 5.01 will hold! Break below 5.01 on weekly basis will send the Turkish to 4.18 weekly close below 4.18+- will confirm for more down moves.
short-term trend forecast Break below 5.83 Will send the Turkish to 5.31- below this levels, you need to watch long-term trends mentions above In terms of behavior. I think the Turkish lira is not expected to recover below 5.30 –next target if the top will break up again is standing on 8.36-8.72!

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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


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