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Will the ascending trend of USD/TRY continue

USD/TRY forecast

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From technical analysis point of view - YES. We've already had a similar setup. December 2016 started a mid-term downward trend that ended around 09.2017. After the breakthrough of the main resistance of the downward movement, the price reached to a new high. We are now seeing a similar situation. 11.2017 the price has entered a mid-term downward trend that has gone into consolidation and we have a breakthrough of the downward channel. The price remains above main horizontal support above SMA 200/50. Technical Indicator: CCI (50) - above baseline 100 - positive moods remain.

In order to minimize the risk we can wait for a correction before entering in position with SL 3.9500

Alternative scenario: If the price breaks below the diagonal support of the short-term upward movement, we will observe strengthening of TRY.

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