USDTRY Falling Wedge
Em currencies area dangerous game of course, but USDTRY may be one to watch.
With the CBRT likely to cut rates (or else face the wrath of Erdogan...again) and Turkey doing everything in its power to become an international pariah (Cyprus drilling, Russian military equipment purchases) this may turn into a perfect technical set up for a sharp reversal.
Though we likely won't know until after the Fed rate cut decision. A 25bps cut will probably disappoint markets and see only a weak EM rally. The technicals here recommended closing the short position on the 9th, so we'll see how this plays out shortly.
With the CBRT likely to cut rates (or else face the wrath of Erdogan...again) and Turkey doing everything in its power to become an international pariah (Cyprus drilling, Russian military equipment purchases) this may turn into a perfect technical set up for a sharp reversal.
Though we likely won't know until after the Fed rate cut decision. A 25bps cut will probably disappoint markets and see only a weak EM rally. The technicals here recommended closing the short position on the 9th, so we'll see how this plays out shortly.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.