Is Erdogan rigging the Lira (and the election) ?
Hello dear FX & Turkish Lira traders, merhaba arkadaslar! ;)
It's been a long time since I've made an analysis to the Turkish Lira: But yet again, we have important elections coming up on Sunday: The AKP didn't accept the outcome of the first voting, which sent the pair through the roof immediately with an Ascending Triangle:
Since then we've been consolidating & have given the whole move back. But some already speculate that the government might be rigging the price, in order to keep it calm before the election. We will see the market reaction, once the election is done -and this time- accepted.
Should we keep on going down, we definitely have the potential to come to the previous S&R zone (support & resistance) at 5,5 and build a higher low there.
I think the most likely scenario is the green line or the lila line: Further tightening inside this range, either to 5,5, or 5, before we see break out to the upside. Less likely is that red scenario, where we would test the bottom support of 5, and break it eventually.
Very big picture on Monthly: Even better visible. Huge Equilibrium pattern, since we had broken the 5 Dollar/Lira to the upside, this pattern will be broken guys:
Conclusion guys: the market has already spoken, when we went through the roof with 4% after the first election was declared invalid. As long as Turkey/Erdogan does not accept democratic elections, the Lira will keep falling in the long-run against the major pairs USD & EUR.
Have a great day/evening global family! ;)
Selam, Deniz from Edgy
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
Edgy is providing trading metrics & online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
It's been a long time since I've made an analysis to the Turkish Lira: But yet again, we have important elections coming up on Sunday: The AKP didn't accept the outcome of the first voting, which sent the pair through the roof immediately with an Ascending Triangle:
Since then we've been consolidating & have given the whole move back. But some already speculate that the government might be rigging the price, in order to keep it calm before the election. We will see the market reaction, once the election is done -and this time- accepted.
Should we keep on going down, we definitely have the potential to come to the previous S&R zone (support & resistance) at 5,5 and build a higher low there.
I think the most likely scenario is the green line or the lila line: Further tightening inside this range, either to 5,5, or 5, before we see break out to the upside. Less likely is that red scenario, where we would test the bottom support of 5, and break it eventually.
Very big picture on Monthly: Even better visible. Huge Equilibrium pattern, since we had broken the 5 Dollar/Lira to the upside, this pattern will be broken guys:
Conclusion guys: the market has already spoken, when we went through the roof with 4% after the first election was declared invalid. As long as Turkey/Erdogan does not accept democratic elections, the Lira will keep falling in the long-run against the major pairs USD & EUR.
Have a great day/evening global family! ;)
Selam, Deniz from Edgy
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Crypto Analyses! I wish you a good trading! :)
Edgy is providing trading metrics & online education only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
