Ransquawk

Exotic Trading is a series of analyzes, which is created in collaboration with the broker InterTrader and is published on Comparic.com  every Monday, Wednesday and Friday. The theme as the name suggests are so called- exotic currency pairs.


EURTRY

The market for five weeks is moving rapidly north as a result of which were established new highs. Given that the level of 3.4424 has not yet been tested from the top (as support), in the near future we expect a downward correction especially that it coincides up with three consecutive Fibonacci levels.

EURTRY WEEKLY
EURTRY WEEKLY

Looking at the chart H4 we can see that on the way to so distance declines  still stands support 3.6040 coinciding precisely with the golden ratio 61.8% of Fibonacci correction of last week’s gains.

EURTRY H1
EURTRY H1

GBPTRY

Following the rejection of support 3.7306, from over six weeks we see dynamic growth, thanks to which two weeks ago, the market broke the downward trend line and the British pound strengthened against the Turkish Lira as much as 12.74%.

GBPTRY Weekly
GBPTRY Weekly

Looking at the daily chart we see that the potential growth could reach up to around the level of 4.3650 .While taking into account ongoing since last Thursday falls more likely is  re-test of the support 4.1330.

GBPTRY Daily
GBPTRY Daily

USDTRY

Although on this currency pair  we observed bullish trend for a long time, really strong dynamics started from time of breaking the 3.0938 level. Looking at the weekly chart we see that for  14 consecutive weeks we see continued growth as a result of which the US dollar strengthened against the Turkish Lira as much as 16.33%  establishing each week new historical highs.

Given there that 3.0938 has not yet been tested from the top (as support), in the near future we can expect a downward correction in that area.

USDTRY Weekly
USDTRY Weekly

An argument in favour of bearish scenario may  be fact  that we have decreasing lows and highs in the graph H1.

USDTRY H1
USDTRY H1

To invest in exotic pairs we take advantage of low spreads at  the broker

InterTrader that at the time of the creation of the analysis for each instrument in turn were 25.1, 18.3 and 2.9 pips.

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