USDTRY Target double bottom reached, whats next.
This analysis started from the lows 2 months ago and after a very slow completion of the double bottom, the neckline broke past week and in one sweep it went straight to it's target. It has been moving around a lot since, already made a 50% correction as well, so very dangerous asset to trade now. Many have asked me for an update on this one, so i am going to try, but to be honest, there is very little to go on here. Because it dropped so much already, there is not a flag or an H&S or something else to go on. Maybe that flag on the daily might be something to follow.
Usually after a big move like this, we should see some another move up. Normally never just drops again to the neckline. So i can't really give a trade here, but my best guess is, seeing another move towards the red zone, possible even higher than the previous rally. But that zone is a big resistance area, so i would not assume it will simply break. Think it might take more movement between the 5.6 and 5.9/6 before another big move happens.
So my advice would be, leave this one for what it is and find another pair to trade, or wait at least a day or 2 to see something develop first. I will try to update on this one if i see something.
Previous analysis:
Usually after a big move like this, we should see some another move up. Normally never just drops again to the neckline. So i can't really give a trade here, but my best guess is, seeing another move towards the red zone, possible even higher than the previous rally. But that zone is a big resistance area, so i would not assume it will simply break. Think it might take more movement between the 5.6 and 5.9/6 before another big move happens.
So my advice would be, leave this one for what it is and find another pair to trade, or wait at least a day or 2 to see something develop first. I will try to update on this one if i see something.
Previous analysis:
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