USD/TRY Slowing Down For A Pullback
Gregor Horvat | Nov 20, 2020 09:39AM ET
USD/TRY made a five-wave drop into wave ''A'' from the highs, which indicates a bearish reversal to be underway. That said, we know that nothing moves in straight lines, meaning we need to be aware of a potential ''a-b-c'' corrective pullback into a wave ''B'', which can later retest the 8.0 psychological resistance level before we may see another decline for a wave ''C''.
On the intra-day time frame of the USD/TRY we see price already recovering from the 7.50 level, and also breaking above the upper corrective channel line, which is first evidence that blue wave ''a'' of a three-wave correction is underway. That said, wave ''a'' is a five legged move, an impulse, so watch out for 7.7/7.8 region, where wave ''a'' can end, and a blue wave ''b'' can start to form.
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