We said it 30 minutes before this massive short-selling. "it will go up until the Turkish Government decides to react." And they did. At Human traders we provided two selling signals, and we are short this forex pair. Volatility remains high and there are a lot of forex traders closing positions. For those who want to trade this one, we recommend you to stay on the sideline until the correction by that piece of news finishes. Then, we will close our position out and buy USD/TRY again for a long-term scenario with Forward Contracts.
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For now, we closed our selling-short positions out, it seems the downtrend has finished. Now we're on the sidelines analyzing our next trade on USD/TRY.
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