It seems comments coming my way to stop writing about USDTRY.
Personally I can't see why I should. I have been working too long in this market and this way i can help others.
In the end of the day, it's each ones decision to agree or not. For me not an issue.
It is clear Turkey's monetary policy is quite different approach, and that has spooked the market. Tomorrow expectation of more rate cuts, keeps it up high. The question is, is the market LONG USDTRY or SHORT? I guess very LONG and besides, the reason we are here is just because of the possible further rate cuts. Thee are some banks in USA betting on even a much weaker Turkish Lia for 2022 and 2023. We all can read that no doubt.
Now back to the drawing board. Short-term and medium and long term, we are in uncharted territory, and I have seen it before during Italian Lira crisis.
USDTRY RSI is near 95.0 weekly chart... monthly near 89.0 and daily 83.0 again. We will correct back to 11.25 > 10.25.
PLEASE DO NOT GO LONG... yes it can spike... but a rocket rising that sharp will fall sharp as well... anyway... let us see tomorrow... best regards all and good luck on this one.
Personally I can't see why I should. I have been working too long in this market and this way i can help others.
In the end of the day, it's each ones decision to agree or not. For me not an issue.
It is clear Turkey's monetary policy is quite different approach, and that has spooked the market. Tomorrow expectation of more rate cuts, keeps it up high. The question is, is the market LONG USDTRY or SHORT? I guess very LONG and besides, the reason we are here is just because of the possible further rate cuts. Thee are some banks in USA betting on even a much weaker Turkish Lia for 2022 and 2023. We all can read that no doubt.
Now back to the drawing board. Short-term and medium and long term, we are in uncharted territory, and I have seen it before during Italian Lira crisis.
USDTRY RSI is near 95.0 weekly chart... monthly near 89.0 and daily 83.0 again. We will correct back to 11.25 > 10.25.
PLEASE DO NOT GO LONG... yes it can spike... but a rocket rising that sharp will fall sharp as well... anyway... let us see tomorrow... best regards all and good luck on this one.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.