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Technically, USDTRY current price on daily terms, has been sliding below 21-DMAs through sloping channel.
For now, the failure swings are observed exactly at the channel resistance, most likely back-to-back shooting stars are possible. Yesterday, the bearish pattern (shooting star) has occurred at 5.4404 levels. Consequently, the current price slid well below 21DMAs.
While both leading and lagging indicators are in tandem with ongoing slumps.
The current intermediate trend slides below 21EMAs, both leading and lagging indicators on this timeframe are also in sync with the downtrend (refer weekly plotting).
RSI and stochastic curves are showing downward convergence that indicates the intensified bearish momentum.
We had advocated FX derivatives to arrest bearish risks in our recent post, for now, we like to uphold short hedges by deploying short positions in futures contracts of mid-month tenors.
On daily trading grounds, as the stiff resistance is observed at 5.5234 levels, it is wise to snap deceptive rallies and deploy tunnel spreads using upper strikes at 5.5234 and lower strikes at 5.3535 levels.
Currency Strength Index: FxWirePro's hourly USD spot index is inching towards 45 levels (which is bullish), while articulating (at 13:52 GMT). For more details on the index, please refer below weblink:
