USD/TRY Vs EUR/USD Correlations currently run +86% and up from +60% about 1 month ago. EUR Vs USD correlations running extremely high together cannot hold as this relationship must and will break wide open.
USD/TRY Day Trade
5 vital numbers for today’s trade as follows: 8.3211, 8.3315, 8.3420, 8.3839 and 8.4049. While weekly ranges are running this week at 3,000 pips, day trades break down to roughly 400 pips.
USD/TRY Long term
USD/TRY longer term is massively overbought and should trade 7.000’s easily. On a much longer term basis, USD/TRY contains a target at 6.3300’s.
A short only strategy is the only trade available. USD/TRY sits above 2 vital points: 8.2602 and 7.0461. Currently 8.2602 is oversold while 7.0451 is overbought as well as averages below 7.0461 down to 2.000’s.
USD/TRY sits comfortably above 5 and 10 year averages at 5.2807 and 3.7308 yet overbought.
Brian Twomey
BRIAN TWOMEY ON TRADING 