USD/TRY is in Corrective Wave
The resignation of the Treasury and Economy Governor is triggered the ABC Elliott Corrective Wave in USD/TRY. Trend is still upwards and market expects a rise in interest rates from new CBTR President. I guess B wave will occur because of Central Bank will not choosing the rising interest rates enough.
When the ABC Elliott Correction wave completed the 9.xxxx avalues will be possible to be seen if the trend remains still with the possible early Presidential elections rumors in 2021.
Meaning is in the short term Turkish Lira will gain value against USD but in the long term USD/TRY is bullish. So, we can start to using this areas as demand zones for long term by buying gradually.
PS: I am just expressing my opinion, i don't accept any responsibility about the trade u will do using this idea. Use your ideas and analysis allways while you trade.
When the ABC Elliott Correction wave completed the 9.xxxx avalues will be possible to be seen if the trend remains still with the possible early Presidential elections rumors in 2021.
Meaning is in the short term Turkish Lira will gain value against USD but in the long term USD/TRY is bullish. So, we can start to using this areas as demand zones for long term by buying gradually.
PS: I am just expressing my opinion, i don't accept any responsibility about the trade u will do using this idea. Use your ideas and analysis allways while you trade.
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