How about USD/TRY?

How about USD/TRY?

2019-11-11 • Updated

Trade ideas

SELL 5.28; TP 5.19; SL 5.31

BUY 5.37; TP 5.50; SL 5.34

This week’s problem is that many pairs have already made big moves and yet we know that there will be a news trigger later today as the US releases the Nonfarm Payrolls data at 15:30 MT time. It looks like USD/TRY has some potential for trading and we can identify good levels with technical analysis.

The general downtrend continues, although the momentum declined and the correction up should be more significant. At this point, the pair this has a short-term opportunity to move both down and up, as it's right in the middle between 5.52 and 5.1250. The last candlesticks on the daily charts have bigger upper wicks. This is a slight negative sign.

USDTRYDaily.png

On H4, we see a consolidation in a triangle. A breakthrough will take place today. The triangle allows expecting 2 scenarios depending on the direction of the breakthrough so we give 2 ideas.

Screenshot_4.png

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