Long awaited USD Sell-off ( Capitulation) event may be near !
I am closing my last week' long entry with nice profit as the USD price could not break up the bearish descending triangle and furthermore, the bearish Moving Averages Death Cross occurred.
100 Day Moving Average crossing down 200 Day Moving Average is interpreted by analysts and traders as signaling a definitive bear turn in a market. Death Cross usually signals a major sell-off ( capitulation) event would happen in a very near future.
When we look at the USDTRY Daily Chart, multiple rejections from the trendline's upper boundary failing to breach upwards the Descending triangle is an other indicator that the momentum has exhausted, hence, the path of least resistance is towards the down side. Possible scope of this sell-off event may be 4,85- 4,95.
My strategy is to wait on the sidelines until the 100 Day MA moves above 200 Day MA ( Golden Cross). Or until a convincing chart formation indicating the bottom is in.
DYOR andTrade safe. This is not an investment advice. :)
100 Day Moving Average crossing down 200 Day Moving Average is interpreted by analysts and traders as signaling a definitive bear turn in a market. Death Cross usually signals a major sell-off ( capitulation) event would happen in a very near future.
When we look at the USDTRY Daily Chart, multiple rejections from the trendline's upper boundary failing to breach upwards the Descending triangle is an other indicator that the momentum has exhausted, hence, the path of least resistance is towards the down side. Possible scope of this sell-off event may be 4,85- 4,95.
My strategy is to wait on the sidelines until the 100 Day MA moves above 200 Day MA ( Golden Cross). Or until a convincing chart formation indicating the bottom is in.
DYOR andTrade safe. This is not an investment advice. :)
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.