My guess on this pair:
Technical:
- USDTRY has reached its previous all time high against USD, tested that top again.
- You can see the ABCDE pattern formed beautifully.
- Huge shooting star candle which suggests reversal
- Right now USDTRY is highly overbought in H4, D1, W1! - downside is necessary shortly
I guess there will be some positive news soon about Erdogan or the turkish central bank will intervene... or the market solves it
But it is very possible for the currency to go down.
Pattern is very similar to USDCAD 1-2 weeks before, where after 2 huge spike, followed by huge downfall
Be careful and happy trading!
Technical:
- USDTRY has reached its previous all time high against USD, tested that top again.
- You can see the ABCDE pattern formed beautifully.
- Huge shooting star candle which suggests reversal
- Right now USDTRY is highly overbought in H4, D1, W1! - downside is necessary shortly
I guess there will be some positive news soon about Erdogan or the turkish central bank will intervene... or the market solves it
But it is very possible for the currency to go down.
Pattern is very similar to USDCAD 1-2 weeks before, where after 2 huge spike, followed by huge downfall
Be careful and happy trading!