The current chart for the USDTRY currency pair shows the market moving upward, forming a bullish trend built within the sizeable green channel and a yellow channel.
The price has been moving near the upper yellow line for a long time. So far, this line is providing resistance to the price and holding the bulls. Perhaps if the bulls can break through the yellow line near 18.312, the currency pair will grow to a higher resistance level of 18.754, located on the upper green line.
Alternatively, it is assumed that the price will soon move downward toward the lower green line and the support level of 17.962. If this level is broken, the pair may depreciate to 17.722, located on the yellow support line.
An approximate scheme of possible future movement is shown on the chart.
With an upward movement, we can earn money by opening long positions. With a downward price movement, we can consider opening short positions.
We will continue to monitor the currency in the future.
