USDTRY Daily RSI will show our path to follow
For the USD bulls: Intraday RSI has just broken resistance triangle upwards. Very bullish. If it closes the day above the dark green line, midterm trend reversal will be confirmed. the price will spike up. If this will be the case, the nearest resistance will be 100 DMA ( currently sitting at 5.42).
For the USD bears: RSI daily close under the dark green line may prove costly to the USD bulls. It may drag the price all the way down to the 200 DMA ( currently sitting at 5.03) . Since Feb.01 the USDTRY pair has been forming an ascending wedge type pattern, which is generally considered as a bearish pattern.
The hidden divergence which has been playing out since 29 November has been very promising. I am leaning to the bullish side despite the rising wedge of the price.
This is my personal opinion. Not an investment advice.
For the USD bears: RSI daily close under the dark green line may prove costly to the USD bulls. It may drag the price all the way down to the 200 DMA ( currently sitting at 5.03) . Since Feb.01 the USDTRY pair has been forming an ascending wedge type pattern, which is generally considered as a bearish pattern.
The hidden divergence which has been playing out since 29 November has been very promising. I am leaning to the bullish side despite the rising wedge of the price.
This is my personal opinion. Not an investment advice.
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