Trading for the currency pair USDTRY

  • Mar 08 2017
  • by
  • Analyst AZA
Trading for the currency pair USDTRY

Trading strategy and signals for the currency pair USDTRY

A few words for those who want to trade in foreign exchange.
The wind is changing and the mood of traders also in the Forex market. Reverse movements began in many pairs. In general, the currency market again moved from a place to a new horizon of quotations. Our attention was again attracted by the currency pair of American Dollar and Turkish Lira. Pre-viously, for this currency pair, we already made recommendations, and earned a good profit on trading it. After a strongly growing trend, there was a turning point, which turned into a slow downward flow. Now the owl price soared upward, marking a change in the rate. The price rushed to its strong resistance, which it had already tested several times before. Can this time the price get out of the vicious circle and go higher soon will be clear. Therefore, for investors of the foreign exchange market, we recommend preparing for the purchase of this asset, as soon as the price crosses the level of 3.7460, with a target in this transaction exceeding 600 points

The price is above a simple moving average 200 MA and 20 MA indicating bullish trend.
The MACD trend indicator is above zero level now, indicating bullish movement.

If the resistance level is broken you can use the following recommendation:
•    Chart timeframe: 4 H
•    The trade recommendation: Buy
•   > The level of entry into long position: 3.7460
•    The level of profit and close the position: 3.8100 (640 pips)

Precious metal GOLD 
Possible bearish movement in the breakdown of the support level 1210

Forex currency pair GBPUSD
Possible bearish movement in the breakdown of the support level 1.2150

Forex currency pair USDCHF
Possible bullish movement in the breakout of the resistance level 1.0145

Forex currency pair EURUSD 
Possible bearish movement in the breakdown of the support level 1.0540
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