USDTRY – new all-time highs targeted
13th October 2016
This week’s powerful move to new all-time USDTRY highs above 3.1000 looks incomplete. Prices are now tracking the upper band of a rising weekly Keltner channel and although volatility is likely to remain a constant there is no sign yet of significant exhaustion.
Our Trend Table call turned positive in April after an aggressive bounce from this year’s lows took the currency pair through the 21 week moving average and that upward move was replicated by USDTRY RSI indicator’s move above it’s own moving average.
Failing initially near 3.1000 and showing some fluctuation in RSI, setbacks have been consistently bought with the 21 week average, and the top area of the weekly Ichimoku Cloud pattern, attracting buyers. This latest move though reflects increasing momentum and there is potential for USDTRY to target 3.1485 then towards 3.2210.
