You know TRY is one of my favorite currencies at the moment. I have kept a close eye on this cross lately and it now seems, that we have a clear failure break above the mid-2011 top at 148.35 (on a close basis). We saw a daily close high at 148.93 on March 19 and I now looking for a break below 145.00 to confirm the failure break and to confirm a much deeper decline closer to the channel support-line, which currently is near 132.00.The channel mid-line near 142 should offer some support, but I'm pretty sure that it to will break for the continuation down to the channel support-line.
By the way, expect downside-pressure beginning to build on the other crosses like AUD/TRY; EUR/TRY and CAD/TRY (see my last post in regards to EUR/TRY and CAD/TRY here: http://theelliottwavesufer.blogspot.com/2012/03/technical-analysis-on-eurtry-and-cadtry.html)
EUR/TRY move a little higher that I expected, but the overall bearish picture is intact and the current levels does offer a nice shorting opportunity.
CAD/TRY was almost spot on with a top at 184.22, only slight above my target-area.
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