USDTRY Decision Time is Close
So far price was loyal to the descending wedge formation, and as expected, 200 EMA held the defense perfectly. Parabolic support also seems to be working.
Next step will be conquering the 20 & 100 EMA resistances along with the upper line of the descending wedge formation. All these converged on the same zone (the area shown as faint white box), which made that zone super important.
20 EMA is about to cross 100 EMA, which would create downward price pressure. However MACD and RSI all bullish.
If the price breaks the descending wedge formation, buy orders will surely increase.
If the price breaks yellow price level (5.84-85) I consider that as the second confirmation for the rally.
Green price level would be the final confirmation for the next big rally.
Fundamental developments are all against TRY unfortunately. (CB president just sacked by Erdogan unlawfully, Fitch downgraded Turkey's credit rating again, S400 related developments might cause more pressure from the US (like more sanctions?) etc...)
Next step will be conquering the 20 & 100 EMA resistances along with the upper line of the descending wedge formation. All these converged on the same zone (the area shown as faint white box), which made that zone super important.
20 EMA is about to cross 100 EMA, which would create downward price pressure. However MACD and RSI all bullish.
If the price breaks the descending wedge formation, buy orders will surely increase.
If the price breaks yellow price level (5.84-85) I consider that as the second confirmation for the rally.
Green price level would be the final confirmation for the next big rally.
Fundamental developments are all against TRY unfortunately. (CB president just sacked by Erdogan unlawfully, Fitch downgraded Turkey's credit rating again, S400 related developments might cause more pressure from the US (like more sanctions?) etc...)
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