USD/TRY major trend most likely to form 3-white soldiers
USD/TRY major trend most likely to form 3-white soldiers, on track of hitting all-time highs – Bid overbought pressures and speculative trades via binaries:
USDTRY most likely to form 3-white soldiers which are bullish in nature. The pattern began to occur since September and signals the strength in the uptrend (refer monthly plotting).
We foresee the bullish sentiments are likely to intensify especially after the formation of 3-white soldiers pattern.
On the flip side, the shooting star has occurred at 3.9683 levels to hamper short-term uptrend sentiments. As a result, bears resume after this bearish formation & evidences slumps subsequently, the current prices, for now, is stuck between 7&21 DMAs with more potential on the downside as momentum turns bearish favor (refer 4H chart).
As and when you could see the formations of shooting stars, there has been considerable price slumps which is a slight caution for the aggressive bulls.
However, the bullish phase in the major trend remains intact despite lingering overbought pressures in minor trend.
On a broader perspective, the bull swings have managed to bounce back after 7-8 months of correction in the major trend although the short-term trend seems slightly edgy for now.
The rallies likely to drag only upon support at 7EMA. No traces of trend reversal at this juncture as 7EMA crosses over constantly above 21EMA which is a bullish EMA crossover to indicate the continuation of the major uptrend.
Both leading and lagging indicators on monthly terms have been signaling extension of the uptrend, whereas the same has been indicating losing strength and momentum in the previous uptrend but we reiterate that it is stuck between 7&21DMAs.
Trade tips: On an intraday speculative basis, we see the price to remain within the range between 3.9345 and 3.9488 (i.e. 7DMA levels). Hence, we advocate buying boundary binaries with upper strikes at 3.9345 and lower strikes at 3.9488 levels.
The trading between these strikes likely to derive certain yields in this perplexed trend in the short term and the major trend, more importantly, these yields are exponential from spot movements.
For cash or nothing, these options would be exercised if the forward prices to remain between both strikes (i.e. 3.9488 > Fwd price > 3.9345).
USDTRY most likely to form 3-white soldiers which are bullish in nature. The pattern began to occur since September and signals the strength in the uptrend (refer monthly plotting).
We foresee the bullish sentiments are likely to intensify especially after the formation of 3-white soldiers pattern.
On the flip side, the shooting star has occurred at 3.9683 levels to hamper short-term uptrend sentiments. As a result, bears resume after this bearish formation & evidences slumps subsequently, the current prices, for now, is stuck between 7&21 DMAs with more potential on the downside as momentum turns bearish favor (refer 4H chart).
As and when you could see the formations of shooting stars, there has been considerable price slumps which is a slight caution for the aggressive bulls.
However, the bullish phase in the major trend remains intact despite lingering overbought pressures in minor trend.
On a broader perspective, the bull swings have managed to bounce back after 7-8 months of correction in the major trend although the short-term trend seems slightly edgy for now.
The rallies likely to drag only upon support at 7EMA. No traces of trend reversal at this juncture as 7EMA crosses over constantly above 21EMA which is a bullish EMA crossover to indicate the continuation of the major uptrend.
Both leading and lagging indicators on monthly terms have been signaling extension of the uptrend, whereas the same has been indicating losing strength and momentum in the previous uptrend but we reiterate that it is stuck between 7&21DMAs.
Trade tips: On an intraday speculative basis, we see the price to remain within the range between 3.9345 and 3.9488 (i.e. 7DMA levels). Hence, we advocate buying boundary binaries with upper strikes at 3.9345 and lower strikes at 3.9488 levels.
The trading between these strikes likely to derive certain yields in this perplexed trend in the short term and the major trend, more importantly, these yields are exponential from spot movements.
For cash or nothing, these options would be exercised if the forward prices to remain between both strikes (i.e. 3.9488 > Fwd price > 3.9345).