USD/TRY - return above 3.0000
For more than 5 years USD/TRY moves in an uptrend. In September 2015, price reached 3.0000 level and after, creation of the double top pattern correction occurred. Correction lasted one month and took a form of ABCD simple correction with AB=CD dependence. Since bottom in November 2, price moved upward with higher highs and higher lows.
Today USD/TRY broke above key level 3.0000. Next resistances are located at 3.0280, 3.0610. If price will break above last top at 3.0750, it will be a signal for a new uptrend impulse. Alternatively if current breakout won't succeed and price will fall below 3.0000, nearest supports are located at levels: 2.9850, 2.9400, 2.9050.
Time-frame H4
Time-frame D1
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.