USD/TRY – 27.10.2016
On our previous analysis we have correctly predicted the sharp fall on USDTRY from 3.11 to 3.05. Yet the pair has quickly recovered to 3.1060 due to the geopolitical risks in Turkey.
So shall we expect new highs on USDTRY?
Despite the quick recovery from 3.05, we can see that the trend is getting weaker. This is a prime sign of a consolidation. At this stage our first target price for USDTRY is 3.08. Then the consolidation shall carry on until 3.04 level.
Once our targets are met, we will update our analysis.
This cannot be considered an investment advice!!