Dukascopy Bank Team
Dukascopy Bank SA
USD/TRY 1H Chart: Channel Down
Comment: At the moment, USD/TRY is making its way towards the 2.93-2.94 supply zone. There the currency pair is expected to turn around and start a new wave lower, being that this will complete the bullish correction within the emerging descending channel. The immediate support is at 2.90, represented by the weekly S2 level, but the in the long run there is a good chance of a slide down to 2.76, namely the November 2015 low. At the same time, if the price closes above 2.94, the rally will probably extend up to 2.9650, where the 200-hour SMA merges with the daily R3 level. A little higher, at 2.99-2.98, the weekly pivot point coincides with the recently broken lower boundary of the bullish channel.
AUD/CAD 4H Chart: Descending Triangle
Comment: It is unlikely that we will see resumption of the recovery started in November of the previous year from 0.93. The currency pair has recently formed a descending triangle, which implies that supply is growing. And even though the weekly technical indicators are mostly bullish, the long-term moving average has already been broken to the down-side, adding to the arguments in favour of a sell-off, as a result of which the rate may decline back to the November low. The closest resistance for the Aussie is 0.9915, but the outlook will remain negative as long as the price is below parity, where the weekly R1 is joined by the 200-period SMA, five-week down-trend, and Jan 28 high.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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