On the 1H timeframe for the USDTRY pair, the market is moving in an upward direction, forming a bullish trend that is being built within a large green channel.
Since May 2022, we have been seeing rapid growth towards the upper green line. After the price touched the upper green line, the bulls could not hold their positions any longer. Then, after a slight flat, the market collapsed to the lower green line. Since the end of June, the price has been rising from the lower green line towards the upper green line within a small yellow channel.
Currently, the price is in the upper green area. Bulls may have an opportunity to break through the upper green line near the resistance level of 18.658. If the green line is broken, the currency pair may continue to grow in the direction of the upper yellow line and the resistance level of 18.972.
Alternatively, it is assumed that the price will move in a downward direction to the lower yellow line and the support level of 17.754. With a successful breakdown, the pair may depreciate to the price level of 16.966, which is located on the yellow support line.
With an upward movement, it is possible to make money on opening long positions. With a downward price movement, it is possible to consider opening short positions.
