The Turkish Lira continues to weaken which we can see in this chart where the US Dollar is displaying
dominance over the Lira.
Since the last post, price has risen by 1,390 pips which is 1.8%. Based on the weekly timeframe,
price has not yet formed a clean pullback so we may be due one. But if the trend is strong,
then we may not see a pullback for some time.
The consolidation resistance was formed around the 7.000 round number, so the next round number
at 8.000 may create some difficulty for price to make it past.
When the USDTRY is in a trend, it does tend to pick up speed so we shouldn’t be surprised if we
experience a surge in price. This happened back in 2018 when price was in an uptrend then we saw
a move of 26% in the month of August 2018 alone.
We can’t guarantee what will happen next so we just have to continue on as normal and look to
maximise profits as much as we can, so long as this trend continues to run.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
dominance over the Lira.
Since the last post, price has risen by 1,390 pips which is 1.8%. Based on the weekly timeframe,
price has not yet formed a clean pullback so we may be due one. But if the trend is strong,
then we may not see a pullback for some time.
The consolidation resistance was formed around the 7.000 round number, so the next round number
at 8.000 may create some difficulty for price to make it past.
When the USDTRY is in a trend, it does tend to pick up speed so we shouldn’t be surprised if we
experience a surge in price. This happened back in 2018 when price was in an uptrend then we saw
a move of 26% in the month of August 2018 alone.
We can’t guarantee what will happen next so we just have to continue on as normal and look to
maximise profits as much as we can, so long as this trend continues to run.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
