The current chart of the USDTRY pair shows that the market is moving in an upward direction, forming a bullish trend that is being built within a large green channel.
Since mid-May, we have seen rapid growth in the direction of the upper green line. However, when the price touched the upper green line, the bulls could not continue to hold their positions. Since then, the price has been moving sideways, and until today it is held by the resistance line of the yellow channel.
SimpleFX USDTRY Chart Analysis: June 21, 2022
Currently, the price is in the upper yellow area. Bulls may have an opportunity to break through the upper yellow line near the resistance level of 17.377. If the yellow line is broken, the currency pair will start to grow again in the direction of the upper green line and the resistance level of 18.316.
Alternatively, it is assumed that the price, having pushed off from the upper yellow wall, will continue to move downward toward the lower green line and the support level of 17.155. With a successful breakdown, the pair may depreciate to the price level of 16.585, which is located on the yellow support line.
With an upward movement, we can earn money by opening long positions. With a downward price movement, we can consider opening short positions.