USD/TRY Price Analysis: Bulls can't catch a break, yet
|- Bulls not catching a break here as the US dollar crumbles.
- TRY and emerging FX to benefit from a weaker dollar environment.
- Technically, the conditions are, however, somewhat closer to a favourable bullish setup.
In a follow-up to the prior session's analysis, USD/TRY, remains on track for the following setup.
This is despite the weakness in the DXY, a basket of currencies weighted heavily to the euro and a number of other G7-FX currencies.
The price is moving dangerously against the bullish outlook for USD/TRY, for is the US does indeed tend lower, then the emerging market forex will eventually benefit, especially high yielders such as TRY.
The following is the prior day's analysis of DXY t illustrate where this trade set up could all fall down:
Meanwhile, for a recap of the set-up, here were yesterday's analysis:
Weekly chart
At the start of the week, the price was opening bullish and seeking to fill in the wick which gave rise to a potential trading opportunity on the daily chart, as follows:
The upside potential and setup is being monitored on the 4-hour chart, as illustrated in yesterday's analysis as follows:
There was still some work left to do from the bulls for price needs to get above the 21-moving average and MADC needs to be above the zero-line to confirm a bullish price action environment.
We are inching closer to the setup criteria on Tuesday as follows:
We want to see a clean break to the upside and above the 21-moving average and MACD more positive than this.
Let's see if the price can form some bullish structure in a more favourable environment for where a buy limit order and entry protected by structure and a stop loss can be placed in coming sessions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.