TRY has been weakening against USD for a long time.
Last week, Turkish Central Bank slashed its key interest rate to 18%, and the inflation in the country is more than 19%.
From USDTRY log chart we can see the clear uptrend and the price movement is tightening forming a rising wedge. The ratio is climbing but with lower and lower momentum. RSI is also indicating to divergences.
After breaking down from the pattern, the next support areas are marked in red zones. Also, the green support line that has been keeping the price up since 2014 is indicated.
Last week, Turkish Central Bank slashed its key interest rate to 18%, and the inflation in the country is more than 19%.
From USDTRY log chart we can see the clear uptrend and the price movement is tightening forming a rising wedge. The ratio is climbing but with lower and lower momentum. RSI is also indicating to divergences.
After breaking down from the pattern, the next support areas are marked in red zones. Also, the green support line that has been keeping the price up since 2014 is indicated.