What an interesting pattern is created in the Turkish Lira

Turkish lira Price Technical Analysis Forecast update

Long time no speak about usdtry – it’s about time to take look on this pair, let’s test and review the Turkish lira momentum

From my last post, I wrote couple scenarios
 The first option - breaking area of 3.82-3.86 will lead the usd try to cope with + 4.10
Option Two: Amendment to the 3.55 to 3.59 area and from there back to the peak, with the possibility of hacking the last high
A third option: correction down to 3.50 + _ and then re-examine the usd try pair again
So we get the third one

I noticed an interesting pattern in the chart, its called the crab pattern: 

The structure was discovered by Scott Carney in 2001. 

• AB leg can retrace anywhere between 38.2% up to 61.8%

• BC can retrace 38.2% – 88.6% of AB leg

• CD is an extension of up to 161.8% of XA leg
   and is also an extension of 224% – 316% of the AB leg

Turkish lira forecast

If this is the right angle and scenario we should expect to see the Turkish lira going to new high, above 4 to 4.11 +_ area, but first, we need to see daily close up above 3.71 area – this price is taken from the downtrend line from usdtry record 

USD/TRY 

Technical analysis long term

 look closely, you can see the strong support at 3.49+_ , break down this level May cause usdtry breakdown mode and change the trend direction in the Turkish lira 

Turkish lira technical analysis

Turkish lira 2017 Forecast Technical Analysis was posted by me at the begging of this year, meanwhile, the prediction looks very accurate 

this post dedicate to all my Turkish client who read this blog and I know there are many from turkey and off course to all my readers


This review does not including any document and/or file attached to it as an advice or recommendation to buy/sell securities and/or other advice