Yes, I know, it feels like a weekly change of direction. The issue really is, there is a clear cap that can be observed even when the DXY moves up dramatically, whilst the USDTRY only seems to increase slightly. The regulators inclusion of 10% of foreign deposits to be converted to TRY before 15 April 2022, and if not, a penalty will apply. Further, it does not add to the reserve requirements, is if indeed correctly understood, a capital restrictive action.
The cost-of-carry is expensive no doubt makes being long not that easy. Even my side, I will liquidate, but only minor cost since I use very small leverage for this pair at all times. So not a big issue here. I can understand those trading larger amounts, it to be a paining experience.
Very sorry, but now stochastic starting to turn negative, and we have the strong 14.23-14.28 resistance, and our medium-term to long-term objective has not been met yet, as these charts are still very overbought.
I am neutral stance now, and for those preferred to hang in their shorts or a fresh SELL position, likely selling current 13.45-13.55 is fine for now and keep stop back to 14.35 (as per some weeks ago idea I had). Objective 11.80 - 10.50.
The cost-of-carry is expensive no doubt makes being long not that easy. Even my side, I will liquidate, but only minor cost since I use very small leverage for this pair at all times. So not a big issue here. I can understand those trading larger amounts, it to be a paining experience.
Very sorry, but now stochastic starting to turn negative, and we have the strong 14.23-14.28 resistance, and our medium-term to long-term objective has not been met yet, as these charts are still very overbought.
I am neutral stance now, and for those preferred to hang in their shorts or a fresh SELL position, likely selling current 13.45-13.55 is fine for now and keep stop back to 14.35 (as per some weeks ago idea I had). Objective 11.80 - 10.50.
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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.