There is a strong sell signal for USDTRY which is the 4th signal since 2016. The conditions of this signal:
1- RSI has to create two tops over 70. The second top cannot be under the first top. Between two tops, RSI must not fall too much lower than 70. After the second top, when RSI falls below 70 again the first half of the signal will be completed.
2- Spearman rank correlation indicator must break below its own moving average and level of 80. This second half of the signal may come a little late so a clear direction will be enough.
When this signal happened at the last 3 times, the average of USDTRY down move of this 3 fall is %15.67. If USDTRY falls from near 8.50 top this time, %15.67 target will be 7.23 and this level is near the last two tops of 2018 and 2020.
Even if there is a short signal for the short term, in the medium and long term, the uptrend may continue until some big fundamental changes happen.
In short term, however, as long as the price stays below 7.95 resistance, there can be a down move which might target 7.80-7.50-7.23 support levels.
