Fundamental analysis:
USD
Bullish:
Strong dollar
Strong US economy
Risk off currency/considered a safe haven
TRY
Bearish:
Weak economy in Turkey at the moment
Budget deficit in Turkey
High interest rates
Foreign exchange reserves are low
Technical analysis:
Touched upon daily support at 5.65000 and instantly reversed. I see this pair going back through the 20 day moving average and to the upside of the Bollinger band (daily timeframe) for a take profit at 5.83000.
Be wary of the USD press statements on 18th of September regarding the FOMC. This has historically caused high volatility. If these are dovish on the USD then I will jump into this trade if the conditions and price action allow me to.
USD
Bullish:
Strong dollar
Strong US economy
Risk off currency/considered a safe haven
TRY
Bearish:
Weak economy in Turkey at the moment
Budget deficit in Turkey
High interest rates
Foreign exchange reserves are low
Technical analysis:
Touched upon daily support at 5.65000 and instantly reversed. I see this pair going back through the 20 day moving average and to the upside of the Bollinger band (daily timeframe) for a take profit at 5.83000.
Be wary of the USD press statements on 18th of September regarding the FOMC. This has historically caused high volatility. If these are dovish on the USD then I will jump into this trade if the conditions and price action allow me to.