USD/TRY: levels to trade

USD/TRY: levels to trade

2019-11-11 • Updated

Trade ideas

SELL 5.7320; TP 5.7180; SL 5.7400

BUY 5.7750; TP 5.7960; SL 5.7660  

USD/TRY has broken above the descending wedge. It is currently testing levels above the 50-day MA at 5.7372. The price action on the H4 is in line with the parameters of the bearish “Shark” pattern. That would imply the reversal down from the area below the resistance at 5.7660 (38.2% Fibo of the October-November decline, 100-period MA on the H4). The target for selling, in this case, will be at 5.7180 (50-period MA). A break above 5.7700 would shift the focus to the upside, to the levels like 5.7960 (50% Fibo) and 5.8265 (61.8% Fibo).

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