USD/TRY 1H Chart: Channel Down

2017년 8월 30일

The recent depreciation of the US Dollar against the Turkish Lira has confined the rate in a short-term descending channel. For most of the time, the rate remained in the upper part of the given pattern until Friday when a speech of the Fed Chair Yellen resulted in a plunge for the American currency.

The pair has since returned in the middle of the pattern and is demonstrating limited volatility. It has finally managed to pass the previously-challenging 55-hour SMA from below. Likewise, technical indicators are signaling to a soon recovery of the strongly bearish sentiment. Thus, it might be expected that the rate pushes for the upper channel boundary in the 3.46/48 territory.

Nevertheless, traders may start to shake the market either direction in anticipation of US fundamentals even before their official release.