Turkey are not out of the woods just yet...
=> The most recent rally failed to test the highs and implies that we are set for some period of corrective activity.
=> Bulls are taking profits as the momentum runs out of steam and this will provide the catalyst for the break of 5.9744. A close below here would then unlock the 38.2 fib levels next.
=> Similarly to our USDRUB and USDINR ideas, EM currencies are set up for quirky bearish trend reversal.
=> Good luck all
=> Bulls are taking profits as the momentum runs out of steam and this will provide the catalyst for the break of 5.9744. A close below here would then unlock the 38.2 fib levels next.
=> Similarly to our USDRUB and USDINR ideas, EM currencies are set up for quirky bearish trend reversal.
=> Good luck all
Comment:
I am not saying things are perfect but the 25% yield in Turkey is starting to look very attractive... another way to play this is 6.00 / 5.50 put spreads for the final Q
Comment:
We are breaking here...
Comment:
As anticipated "a break of 5.9744 will unlock a test of the 38.2%"
