USD/TRY forms triangle
USD/TRY was trading in a short-term ascending channel prior to breaching this pattern on Tuesday. This breakout south should point to a possible price decline in the upcoming trading sessions. The pair falling below the 55– and 100-hour SMAs adds some ground to the bearish sentiment.
Meanwhile, the pair is currently trading in a symmetrical triangle which has already provided two confirmations on each side. In line with the bearish perspective, the Greenback should breach the bottom triangle boundary later in the evening and edge lower.
In the short term, the bottom target could be set near the weekly PP and the 200-hour SMA circa 3.55. Conversely, the rate could still try to test the upper triangle boundary once again prior to fulfilling the aforementioned scenario.
Meanwhile, the pair is currently trading in a symmetrical triangle which has already provided two confirmations on each side. In line with the bearish perspective, the Greenback should breach the bottom triangle boundary later in the evening and edge lower.
In the short term, the bottom target could be set near the weekly PP and the 200-hour SMA circa 3.55. Conversely, the rate could still try to test the upper triangle boundary once again prior to fulfilling the aforementioned scenario.
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