USDTRY: Set to return to the 9 year mode
USDTRY appears to have reached a long term target top recently.
It's possible that this is the highest high for a very long time.
Next move would have to be a drop to 1.46034 where the price spent the most time in 9 years.
With the limited data that I have, this is the technical outlook that I can obtain, which matches the fundamentals, correlating with a massive stock market decline for months.
It appears as if price formed a terminal rising wedge when coming out of the 9 year consolidation, which would be coherent with the strong top formation on chart.
Regards,
Ivan Labrie.
Time at Mode FX
It's possible that this is the highest high for a very long time.
Next move would have to be a drop to 1.46034 where the price spent the most time in 9 years.
With the limited data that I have, this is the technical outlook that I can obtain, which matches the fundamentals, correlating with a massive stock market decline for months.
It appears as if price formed a terminal rising wedge when coming out of the 9 year consolidation, which would be coherent with the strong top formation on chart.
Regards,
Ivan Labrie.
Time at Mode FX
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And 1025 pips were shed since...
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1284 pips, but who's counting?
