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USD/TRY shooting star renders fresh buying opportunities

FX:USDTRY   Dolar U.S./Lira Baru TurkI
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USD/TRY shooting star renders fresh buying opportunities; robust bull trend may go sideways but not reversals – Buy mid-month futures:

Although the bullish momentum is reduced but upswings consistently spiking higher above DMAs, Bulls attempting to spike higher despite shooting star formations, the Turkish lira weakened sharply in the recent times, with USDTRY             surpassing 3.0688 range and then to hit fresh highs of 3.5971 levels.

Despite bearish pressures that we’ve been seeing from last three days, the bulls in a long run manage to sustain above 7SMA with bullish SMA crossover (see monthly plotting). The current prices are consistently spiking higher above SMAs on weekly terms as well.

For today, the swings are hanging around 7DMA despite two days’ of bearish momentum and shooting star that was formed last week at 3.4667 levels.

Even if the bearish swings persist for today, we see strong immediate supports at 3.4588 levels and 3.4539 levels (i.e.21DMA), so, wise to capture dips for fresh longs.

In a broader perspective, the massive volumes formation on rising prices has also been in conformity to the robust uptrend.

Most importantly, RSI on both daily and monthly time frames is going out of the frame that signals the strength in rallies. So, it is advisable not to go against the extremely bullish trend that's getting out of the frame.

While stochastic on dailies has been little indecisive but on monthly terms still bullish even above 80s which is overbought zone indicates the intensified bullish momentum.

MACD’s bullish crossover clearly signals ongoing upswings to extend further.

Hence, in worst case scenario, we reckon the swings may go in sideways but certainly not the bearish opportunities for sure in the medium run. Consequently, we encourage longs in mid-month futures contracts for the retest of all-time highs and fresh highs but maintain a strict stop loss of 3.4484 levels.
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