USD/TRY is looking for patterns

USD/TRY is looking for patterns

Trade ideas

SELL 5.30; TP 5.2685; SL 5.3150

SELL 5.2380; TP 5.2230; SL 1.2430

USD/TRY has been trying to recover since the end of January. The pair formed a higher low. What we see on the chart may be a forming harmonic “Bat” pattern. It means that USD/TRY may continue higher, to 5.3040 to complete the pattern. In that area, it will likely meet resistance (there are also 50- and 200-day MAs in that zone) and turn down. If the pair fails to overcome resistances at 5.2605 and 5.2685, it will first go down to support at 5.2230.

usdtry.png

Similar

USD/JPY took a blow

USD/JPY formed a big bearish candlestick yesterday that almost engulfed the previous bullish one.

Latest news

GBP/USD: pound entered into channel Tenkan-Kijun

Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.

gbp

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