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Breakout Looming for USDTRY

   

Happy Friday Traders!

I wanted to bring to your attention a potential trading opportunity for the USDTRY pair.

I’ve been watching this one for a while and price has continued to respect both the upper and lower boundaries of this trading range for the past couple of months. Consider the 4 hour chart below.

USDTRY

USDTRY

A trader has a couple of potential opportunities here, either trade the range or trade a breakout in either direction. Typically, the longer price ranges the more explosive the breakout, so this is definitely worthy of a watch to see what happens next. Often, when price breaks out of an area of support or resistance, it will retrace to the breakout area, potentially offering another trade setup, or an opportunity to add to a position depending on your trading style/strategy.

If price was to break out, a trader could potentially look to take full or partial profits, or move stops to break even around/near the S/R levels shown in the Daily chart below. Notice the gap on the lower support line which if price breaks down should act as a magnet for price. Alternatively, should price break upwards, we should see price approach old highs.

USDTRY Daily

USDTRY Daily

As always, consider risk before placing any trades and have a great weekend, traders.

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the forex trading account of the reader. We always aim for maximum accuracy and timeliness, and Vantage shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

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