💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

USD/TRY At Top Of Price Channel

Published 08/19/2015, 12:49 AM
Updated 07/09/2023, 06:31 AM
USD/TRY
-
USD/BRL
-
USD/RUB
-

USD/TRY Chart

The USD/Turkish lira has Reached the Top of a Classic Rollover Price Channel

The USD/Turkish lira has confirmed both a price channel (pink) and classic rollover channel (gray on chart), and is now at the top of the rollover channel.

The way this would usually play out from this point is with a fast move to the gray channel bottom and then up into the start of a topping formation.

USD/RUB has reached the top of a large megaphone and needs to complete a top and a retrace to VWAP.

USD/RUB Daily Chart

USD/RUB is Working on a Top at the Top of Its Pink Megaphone Before a Retrace to the Megaphone VWAP

Similarly, the USD/BRL (Brazilian real) is forming a top on the head of a larger head and shoulders with a neckline at the top of an enormous rising megaphone. And the situation is similar with many other EM currencies and commodity currencies, which suggests a big turning point is at hand.

Original post

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.