The pair has traded sideways in a range between 3.9 and 3.4 since January 2017.
Price printed a channel blow-off top in January 2017 with intervention from the government amongs other things.
Price have now traded above the january highs and rejected 8 daily sessions in a row.
The TCMB (The Central Bank of the Republic of Turkey) defended their currency at these levels once before, odds are that they will do it again.
Technicals:Double top - trendchannel retest - 8 daily sessions in a row unable to break above 3.9 and stay above.
Looking for a move down to lower trendline support.
This trade also provides positive carry, so each day, this position will generate swaps.
Price printed a channel blow-off top in January 2017 with intervention from the government amongs other things.
Price have now traded above the january highs and rejected 8 daily sessions in a row.
The TCMB (The Central Bank of the Republic of Turkey) defended their currency at these levels once before, odds are that they will do it again.
Technicals:Double top - trendchannel retest - 8 daily sessions in a row unable to break above 3.9 and stay above.
Looking for a move down to lower trendline support.
This trade also provides positive carry, so each day, this position will generate swaps.