The most reliable indicators show that we may already be in the Accumulation Phase.
Those who are following my technical analysis would have noticed that my analysis are mostly focused on mid to long term frames.
Looking at higher time frames helps better spotting the trend reversals. To this extent, i collected some of the most reliable indicators.
MACD: Second time in 2 months gain above zero. It climbed a very steep slope while the price was stable in sideways. This is very bullish for USD against TRY in mid to long term as it indicates accumulation phase is playing nicely.
Accumulation / Distribution Index: USD has been in distribution period since 2017 while the price surged uninterruptedly till August 2018. A typical pump & dump market price behavior. Those who noticed this divergence succeeded to close their long positions at the peak of the price nicely in August 2018. Now the accumulation /Distribution index has bottomed indicating seller exhaustion, hence, accumulation phase can now re start. Indeed, it might have already started.Longer it lasts, stronger the following rally will be.
RSI: A very reliable indicator to spot the hidden divergences. Price made a double bottom while RSI made a higher low. Avery strong indicator that a hidden bullish divergence was playing and trend reversal in price may most probably be in the cards.
Moving Averages: The price is hovering just under the 200 DMA which is flattening out. Breaching up 200 DMA will probably start the new bull rally. Before that, USD bears may try to test 50 Weeks MA ( currently at 5,05 and traveling north). Even if they succeed to push the price down to that level ( for me unlikely), the price will unlikely stay there longer than a day.
As explained above, a very strong USDTRY bull run may be coming especially due to bottoming out A/D index.
This is not financial advise. My TA reflects only my personal observations. Always rely on your own research and trade safe.
Those who are following my technical analysis would have noticed that my analysis are mostly focused on mid to long term frames.
Looking at higher time frames helps better spotting the trend reversals. To this extent, i collected some of the most reliable indicators.
MACD: Second time in 2 months gain above zero. It climbed a very steep slope while the price was stable in sideways. This is very bullish for USD against TRY in mid to long term as it indicates accumulation phase is playing nicely.
Accumulation / Distribution Index: USD has been in distribution period since 2017 while the price surged uninterruptedly till August 2018. A typical pump & dump market price behavior. Those who noticed this divergence succeeded to close their long positions at the peak of the price nicely in August 2018. Now the accumulation /Distribution index has bottomed indicating seller exhaustion, hence, accumulation phase can now re start. Indeed, it might have already started.Longer it lasts, stronger the following rally will be.
RSI: A very reliable indicator to spot the hidden divergences. Price made a double bottom while RSI made a higher low. Avery strong indicator that a hidden bullish divergence was playing and trend reversal in price may most probably be in the cards.
Moving Averages: The price is hovering just under the 200 DMA which is flattening out. Breaching up 200 DMA will probably start the new bull rally. Before that, USD bears may try to test 50 Weeks MA ( currently at 5,05 and traveling north). Even if they succeed to push the price down to that level ( for me unlikely), the price will unlikely stay there longer than a day.
As explained above, a very strong USDTRY bull run may be coming especially due to bottoming out A/D index.
This is not financial advise. My TA reflects only my personal observations. Always rely on your own research and trade safe.