USD/TRY: Opportunity for an intranight short with the trend

USD / TRY H1 Chart Our Expectations: Decreasing short-term trend, correction to horizontal and diagonal resistance. Possibility of short positions with stop 5,7125.

Alternative scenario: The US dollar remains in vogue due to high interest rates in the United States, and a breakthrough in technical resistance levels is a possible higher adjustment, with preconditions for a trend-turning head and shoulders formation. In that case, we wait for the break of the line and position the lon after the break test.

Comment: Decreasing short-term trend. Correction to Diagonal Trend Levels and Horizontal Support. At these levels is also 23.6% Fibonacci. TD Sequential counts 9, which also supports the theory of lowering and correction of the strong dollar. In this situation, as the market is too sold out, it is good to have more factors on our side to get into position. It is good to wait for the initial impulse to keep us from stop hunting. Upon closing a bar above the local maximum of 5.6845 the scenario will be spoiled. Since the position is risky, it's a good idea to wait for the bar to close below the resistance, and to position itself only after the presence of a price action signal like a pin bar or an absorbing bar. For more conservative traders, we expect a break at the local bottom of around 5.611. DeMarker came out of oversupply levels.

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