USD/TRY Slowing Down For A Pullback

  


made a five-wave drop into wave ”A” from the highs, which indicates a bearish reversal to be underway. That said, we know that nothing moves in straight lines, meaning we need to be aware of a potential ”a-b-c” corrective pullback into a wave ”B”, which can later retest the 8.0 psychological resistance level before we may see another decline for a wave ”C”.

4h usdtry

On the intra-day time frame of the USD/TRY we see price already recovering from the 7.50 level, and also breaking above the upper corrective channel line, which is first evidence that blue wave ”a” of a three-wave correction is underway. That said, wave ”a” is a five legged move, an impulse, so watch out for 7.7/7.8 region, where wave ”a” can end, and a blue wave ”b” can start to form.

1h usdtry
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Read more here