USD/TRY is returning lower

USD/TRY is returning lower

Trade ideas

SELL 5.6400; TP1 5.6165; TP2 5.5900; SL 5.6550

BUY 5.7100; TP 5.8000; SL 5.6800

USD/TRY has formed a big “shooting star” candlestick on the W1 last week. A similar formation is visible on the D1. The daily Awesome Oscillator is going down, so it’s natural to expect the continuation of the move down towards the July lows and the 200-day MA in the 5.5890/5.5770 area. The 50-day MA may at 5.6520 provide some support, so our short entry is located below this line. On the other hand, the return above 5.70 is needed for another round of the greenback’s strength. 



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