usdtry price technical analysis forecast

Turkish lira the trend is over ???

we got the move I was expected to:

USD/TRY made sharp move this early morning and open gap down to 2.82 area. we need to watch how the trend will continue later on this week, don’t forget 
The opening exchange rate after the election in June had seen the highest level while 2.80 2.75 level. However, a period of about 2 weeks dropped to the 2.65 level again. After the opening of the dollar could happen again in the new election period.
Victory will allow the AKP to form a government on its own and will boost President Recep Tayyip Erdogan.
(Markets will likely appreciate a strong stable government)
Technical look:
Looking at the graph of the Turkish lira, the currency can be made direct and quick move to the support
Now there are several options:
Shuffle the level of 2.79 to 2.84, a wider range of 2.75 to 2.87
Breakdown 2.75 level will send the pair to the 2.65-66
Conversely up crossing the 2.87 area confirming the continuation of the main trend

Support levels:   2.82-2.84
Major support:   2.65- 2.69

Break up 2.87 areas will confirm the correction is over, and Weakening of the Turkish lira continues.

usdtry chart

Turkish lira chart
Turkish lira

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

Leave a comment