USD/TRY aiming at 6.00? More weakness ahead for wounded lira
Once again, the lira is poised for weakness.
- The USD/TRY pair triggered an inverse H&S pattern, projecting a profit target at the 6.20 mark, with an intermediary target at 6.00 (round-number + horizontal resistance zone).
- The pair completed a pullback to the broken neckline, validating the inverse H&S pattern.
- A shorter-term horizontal support level lies around the 6.89 level
- The US is likely going to impose new sanctions on Turkey, following the Turkey - Syria conflict (lira negative).
- Wars are expensive, and Turkey's external debt is already near record-highs (lira negative).
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- The USD/TRY pair triggered an inverse H&S pattern, projecting a profit target at the 6.20 mark, with an intermediary target at 6.00 (round-number + horizontal resistance zone).
- The pair completed a pullback to the broken neckline, validating the inverse H&S pattern.
- A shorter-term horizontal support level lies around the 6.89 level
- The US is likely going to impose new sanctions on Turkey, following the Turkey - Syria conflict (lira negative).
- Wars are expensive, and Turkey's external debt is already near record-highs (lira negative).
Please hit the "LIKE" button and support us if you find this short analysis useful. Thanks!
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