USDTRY - RANGING - small upside bias. The time it takes for a move is like watching paint dry.
I am still inclined it will move higher, but stochastic turning slightly and may even go negative, and as you can observe we are completely boxed in between 13.10-13.95 and most activities in the beginning trading at 13.75-13.85 and then we declined suddenly 13.10 and then returned back to 13.50-13.65 range. Not much fun watching it.
The Donchian channel does not explain much as well, but we only state from Ichimoku cloud, that we are above the cloud and as long we are, we are in positive territory.
For those with patience, BUYING still preferred, but resistance 14.23 needs to be overcome for a large up move.
Similarly, below 12.60-11.80 would suggest lower levels. For now I place USDTRY as a range only with small bias to upside.
As a note, hearing there was intervention and the currency was capped at 14.00, and further conversion of USD to TRY may explain the story. It is nice of some people who advised me that information.
Medium-term - Long Term
We stillhave unfinished business on the medium0term to long-term picture. The RSI of the monthly chart is very high and this requires consolidation and correction. That is why the USDTRY is a SELL between 13.50-16.50 for now and the correction is likely to bring it down to 9.0000. I know it is hard to believe, but this is the technical picture for now.
