Trend: Bullish in short term and Bearish in long term. We run you through emphasizing long term trend analysis.

USDTRY bearish momentum seems stronger after breaking major support levels.

Firstly, breaking after neckline of head and shoulder pattern at 2.89 levels.

Secondly, at 2.8676 levels and now at 2.8218 levels.

Today even though pair is spiking the current prices have been well below DMAs and 7DMA crosses over below 21DMA which is still a sell signal.

Leading oscillators on daily charts converge downwards but little indecisive, while MACD is indicative of bearish bias, on the contrary we could also see a strong support at 2.8069 levels.

On a broader perspective, a shooting star at peaks is traced out at 2.9466 levels.

RSI and Stochs have been bearish bias as they converge to the declining rallies right from overbought zone. The current prices on monthly chart have slid below 7EMA.

Yesterday, Turkish central bank (Central Bank of Republic Turkey) left its benchmark one-week repo rate unchanged at 7.5% on April 20th, as widely expected, saying it will maintain the tight monetary policy stance considering the current inflation expectations and pricing behavior.

By lowering the rate itself, CBT limits the maximum interest rate at which it can intervene – and it does without any additional benefit which could not be achieved by letting the tool become dormant.

Hence, this is about political signalling: most readers are aware that CBT is under pressure to bring down interest rates in the economy, and bringing down less used rates, especially while inflation dynamics are supportive, is arguably a lesser evil.

So it is advisable to go for boundary binaries with upper strikes at 2.8250 and lower strikes at 2.8185 levels for certain and exponential leveraged profits.

Alternatively, on hedging grounds, go long in 1M ATM -0.49 delta put option while shorting 1W (1.5%) Out of the money put with positive theta or closer to zero for time decay advantage on shorter tenors on short side.