The US Dollar has been appreciating against the Turkish Lira since the beginning of November after the USD/TRY exchange rate reversed north from the lower boundary of the rising wedge pattern (4H time-frame chart) at 5.6875.
From a theoretical point of view, it is likely that some upside potential could prevail in the market, as the currency pair should target the upper pattern line located circa 6.0000.
However, the expected advance might not be immediate, as the exchange rate would have to surpass the Fibonacci 38.205 retracement and the monthly R1, located at 5.8128 and 5.8903 respectively. Also, it is unlikely that bears could prevail, and the rate could drop lower than the psychological level at 5.6500.
