The Turkish Currency as the stockmarket have entered a steep correction wave although the currency was lagging so far which is about to change. Today we broke out of a trading channel which usually gives a target around 2.14/5 and is confirmed by a 'Golden Cross'. Our strategy is from now on to increase the Turkish Lira shorts on any strength or in chart terms on weakness of the above price as we will see soon a little pullback as we will hit a 13 count sometime next week which should bring a brief consolidation around 2-3 higher closes from todays around 2.06/7 Typically after a golden cross we can observe a counter move briefly but the mantra is buy any pullback towards 2.02/3 with a target of 2.12 minimum but rather higher as we will figure out on the way.
Friday, December 17, 2010
EURTRY update
The Turkish Currency as the stockmarket have entered a steep correction wave although the currency was lagging so far which is about to change. Today we broke out of a trading channel which usually gives a target around 2.14/5 and is confirmed by a 'Golden Cross'. Our strategy is from now on to increase the Turkish Lira shorts on any strength or in chart terms on weakness of the above price as we will see soon a little pullback as we will hit a 13 count sometime next week which should bring a brief consolidation around 2-3 higher closes from todays around 2.06/7 Typically after a golden cross we can observe a counter move briefly but the mantra is buy any pullback towards 2.02/3 with a target of 2.12 minimum but rather higher as we will figure out on the way.
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