JPMORGAN: hammer formations
We know that hammer formation may be effective in identifying trend reversals. Let's study it a bit closer to see real-life cases.
USD/TRY: at 16-month resistance
Information is not investment advice
Long term
While the battles between the USD and its European and Asian counterparts keep going, the currencies of the developing countries show little resistance to the US dollar. The Turkish lira is one of them.
Coronavirus and the oil price war changed little for the upward tendency of the USD/TRY. Currently, it trades at 6.83 where it tests the 16-month resistance. In the long term, the currency pair has all it takes to reach its all-time high at 7.05 and go further up.
Short term
If the dynamics of this currency pair performance keep their pace, the resistance of 6.83 will not take long to get broken. The Awesome Oscillator suggests that the upward movement has not reached its local peak yet, and is likely to continue in the same direction until it reaches the ranges of 6.90. At that level a bearish reversal may be expected. In this case, the support of 6.74 enhanced by the 50-MA will be there to check the downward movement. Additional support may be placed at 6.62 with reference to 100-MA, just in case of severe turbulence. The latter is unlikely, though, but it is better to be prepared for this kind of scenarios.
Gaspar Markosyan
Similar
USD/JPY: 2-week channel under question
The USD/JPY is at the lower border of the 2-week channel. Will it be broken?
GOLD: establishing a higher base?
Since last Wednesday, the gold price has been rising. Will it finally get to establish a new baseline level?
Popular
Goldman Sachs bets against USD
Has the US dollar lost a top position forever?
JPMORGAN: hammer formations
We know that hammer formation may be effective in identifying trend reversals. Let's study it a bit closer to see real-life cases.
Why USD/CAD dropped and for how long?
CAD will get fresh volatility after BOC statement on June 3 at 17:00 MT time.
Choose your payment system
