USDTRY A Great Buying OpportunityTrade Proposal:
There is a probability of first tp to the proposed (7.21 ) Direction line. So, Traders can set orders based on Price Action and expect to reach short-term goals.
Technical analysis: USDTRY Waiting for the Range Bound and the beginning of the Ascension Trend.
USDTRY_TOD trade ideas
USDTRY: 1D, LONG!Lira is the best performing EM currency against US dollar at the moment. Not a surprising move after unorthodox monetary policy by CBRT. However I do think we are pretty close to a rebound from here. AB=CD move and daily demand zone area crossing, this is where I will be looking for bullish price action.
USDTRY A Great Buying OpportunityTrade Proposal:
There is a probability of first tp to the proposed (8.52335 ) Direction line. So, Traders can set orders based on Price Action and expect to reach short-term goals.
Technical analysis: USDTRY Waiting for the Range Bound and the beginning of the Ascension Trend.
USDTRY hits new bottom-could be a reversal?On a 1hr time frame USDTRY has hit new bottom(low),Price is also in a downtrend on a 4hr and a daily time frame.
Rsi is in oversold zone below 30,and it is showing that is price losing momentum,also at the bottom rsi is showing a bullish divergence,a possible trend change.
At the bottom we have a pin bar(hammer) a single reversal pattern.If price breaks a level of 7.14420 I would expect to retrace to 0.5 fib level(7.30440).Risk to reward ratios is 2.5.
Happy trading