USD/GEL Main trend (long-term). Channel. Downward wedge.
Updated
Logarithm. Time frame 1 month. Main trend. Long-term trend.
Decided to make an idea, as now, a lot of people from Ukraine and Russia emigrate to small Georgia for a while. There is a strong appreciation of lari while the currencies of other countries are depreciating. I won't describe why the GEL is getting stronger, as everyone understands why. Also, you should pay attention to the flag of this country, its symbolism and similarity to another country (Switzerland, 4 parts). But this is already a digression from TA. I will focus on the technical side.
This idea is not so much for earning (though it is possible to earn good money on the breaking of the wedge), as for understanding what will happen with the strange currency and at what time (I showed it earlier by the examples Russian ruble and Ukrainian UAH, I attached the ideas), because the state currency price diagram is nothing else but an imprint of political rate and events in the country.
Rising channel (the main trend). It is currently undergoing a correction (head and shoulders), thus forming a descending wedge (secondary trend). The price is almost close to the dynamic support of the uptrend.
I showed two main scenarios of the long-term trend development on purpose. It is probably clear which one is less likely. Also shown are the percentages to the main support/resistance levels from the reversal zone for clarity.
This is what a line chart of prices looks like.
Secondary trend. Wedge. Time frame 1 week
It is very likely that after the wedge breakout there will be some kind of consolidation in the sideways area of dynamic support, provided there are no "stressful" force majeure events.
Decided to make an idea, as now, a lot of people from Ukraine and Russia emigrate to small Georgia for a while. There is a strong appreciation of lari while the currencies of other countries are depreciating. I won't describe why the GEL is getting stronger, as everyone understands why. Also, you should pay attention to the flag of this country, its symbolism and similarity to another country (Switzerland, 4 parts). But this is already a digression from TA. I will focus on the technical side.
This idea is not so much for earning (though it is possible to earn good money on the breaking of the wedge), as for understanding what will happen with the strange currency and at what time (I showed it earlier by the examples Russian ruble and Ukrainian UAH, I attached the ideas), because the state currency price diagram is nothing else but an imprint of political rate and events in the country.
Rising channel (the main trend). It is currently undergoing a correction (head and shoulders), thus forming a descending wedge (secondary trend). The price is almost close to the dynamic support of the uptrend.
I showed two main scenarios of the long-term trend development on purpose. It is probably clear which one is less likely. Also shown are the percentages to the main support/resistance levels from the reversal zone for clarity.
This is what a line chart of prices looks like.
Secondary trend. Wedge. Time frame 1 week
It is very likely that after the wedge breakout there will be some kind of consolidation in the sideways area of dynamic support, provided there are no "stressful" force majeure events.
Note
Medium term the price is in a sideways pattern after the trend break.
Locally (from a trend position) - working to exit from the rising wedge.
I wonder if May 13, 2024 will be something special for the existing banking system.
Note
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