Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

USD/TRY rising inside minor impulse wave 3

  • USD/TRY rising inside minor impulse wave 3
  • Next buy targets - 3.0600 and 3.1000

USD/TRY has been rising in the last two weeks inside the minor impulse wave 3 of the intermediate impulse wave (3) from May. The active impulse wave (3) started when the pair reversed up from the support zone lying between the support level 2.800 (which also previously reversed the earlier primary ABC correction ④ from September of 2015), lower weekly Bollinger Band and the 38.2% Fibonacci retracement of the previous sharp upward impulse from the start of 2015.

USD/TRY is likely to rise further to the next buy target at the resistance level 3.0600, the breakout of which can lead to further gains toward the next strong resistance level 3.1000.


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