USDTRY Setting Lower Lows, 61.8% Retracement Complete
Can we expect more decline from this point? I believe so and here is why:
Since it reached all time high, USDTRY was unable to continue that trend and started making lower lows if you look at the 1h graph.
First real decrease happened in the previous few days and 61.8% retrace was completed with the pair unable to continue higher.
RSI bearish, MACD pointing down.
In the short run, traders can benefit from short selling USDTRY.
In the long run, however, I still stick to my idea of an inflationary dollar (ex. EUR/USD going to parity, even lower, USD is to be inflationary and we might see appreciation due to avoiding capital outflows, high bond prices and worryingly low bond yields).
Good luck!
Since it reached all time high, USDTRY was unable to continue that trend and started making lower lows if you look at the 1h graph.
First real decrease happened in the previous few days and 61.8% retrace was completed with the pair unable to continue higher.
RSI bearish, MACD pointing down.
In the short run, traders can benefit from short selling USDTRY.
In the long run, however, I still stick to my idea of an inflationary dollar (ex. EUR/USD going to parity, even lower, USD is to be inflationary and we might see appreciation due to avoiding capital outflows, high bond prices and worryingly low bond yields).
Good luck!
