Marabuzo Lines dominate USDTRY rise
28th July 2015
I have written before on the USDTRY rise that has yielded more than 60-big figures since November’s base, and the influence that Marabuzo lines have had on trading during that time.
These can be seen on the chart below marked in red.
That situation continues with the weekly Marabuzo line created 9 weeks ago acting as a platform for the upward leg we are currently seeing. Last weeks close was the most positive of 2015 so far and more upside this week is likely to retest June’s peak.
Above that point projected targets include 2.8224 and 2.8761 with the risk level for shorter term traders currently at a new Marabuzo line created by last week’s strong rejection of two other important points – the 21 week moving average and the mid-point of a positively trending Keltner channel.
