FX forecast / USD/TRY / our expectations
Middle-term downward trend, the price makes lower tops and lower bottoms. Reaching of diagonal resistance of the descending channel which strikes with horizontal resistance and Fibo 38.1, is giving us opportunity to enter short position. Technical indicator CCI(50) - below base level 0, the negative sentiment is still onpower. Deadly crossing of SMA 50 and SMA 200 - strong negative signal. We will find strong zone of support around FiBo 50.0 and main diagonal support, is where we can exit from our position.
Alternative scenario: If the price breaks above FiBo 38.2 and make higher top, the negative scenario will be dismissed.
SL: 3.8550
Trader Bozhidar Arabadzhiev
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.