This is time to confirm whether the USDTRY remains in the channel. Especially considering it ticked at 11.25, which is a very significant fibo
This is time to confirm whether the USDTRY remains in the channel. Especially considering it ticked at 11.25, which is a very significant fibo level within the grand super cycle.
If that’s the case, we may expect it to test the 9.80 level for wave 4. This scenario is also based on the assumption that the political authority in Turkey still has some control over the exchange rate and will want to maintain its political power and influence in the near future. This may be on the table as an option for the ruling party to disperse the dark clouds ahead of a snap election decision. In any case, it would be insufficient to evaluate such a currency fluctuation, which emerged under the influence of artificially inflamed debates, independently of the influence of political discourses.
Similar examples have been experienced recently and that the correction movements were also caused by non-economic developments. So it is important to place buy orders up to 11.50 with a cautious approach. To sum up, on the eve of an 8-year trend reversal, the next week’s close will be critical to confirm that the indicators are placed above the trend channel with permanent and motive price movements.
If that’s the case, we may expect it to test the 9.80 level for wave 4. This scenario is also based on the assumption that the political authority in Turkey still has some control over the exchange rate and will want to maintain its political power and influence in the near future. This may be on the table as an option for the ruling party to disperse the dark clouds ahead of a snap election decision. In any case, it would be insufficient to evaluate such a currency fluctuation, which emerged under the influence of artificially inflamed debates, independently of the influence of political discourses.
Similar examples have been experienced recently and that the correction movements were also caused by non-economic developments. So it is important to place buy orders up to 11.50 with a cautious approach. To sum up, on the eve of an 8-year trend reversal, the next week’s close will be critical to confirm that the indicators are placed above the trend channel with permanent and motive price movements.
PS: This is not an investment advice. Please do your own research before investing in currency markets. It is a high risk business.
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