Turkish lira (USD/TRY) Techincal Analysis Forecast
Turkish lira USDTRY fell to fresh all-time low Friday, 3.5960. The currency weakened more than 2% this week. Over the past 12 months, the currency lost 22% against the dollar.
The Turkish lira has weakened faster than that of any fellow emerging markets this year except Argentina, Crackdown that’s followed — spooked foreign investors, exacerbating the effects of the stronger dollar that’s greeted the election of Donald Trump.
After a 25 basis point rate hike in the central bank’s overnight lending rate, last month failed to prevent the rout
My credo is, The Turkish lira should return to the equilibrium, the weighted price band at least.
What’s more, if we look at the graph, we can see that the situation is an extreme Vol, a strong escape averages, and oscillation at an angle of 90%
Soaring such, does not mean the continuation of a trend, on the contrary, it tends to roll over quickly, usually in the opposite manner in which the process is reached, at least in the ports of patch levels.
Amendment to the 3:29 to 3:34 price levels is likely to come off over 70% chances
Breakage of these levels, testify to a deeper correction, but the vision of date
First of all, it seems, the Turkish lira, will achieve these goals, then tested again
In history, in terms of price behavior on the graph, there have been only two such cases
They are marked on the chart, followed by correction reached
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| Turkish lira (USD/TRY) |
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