(Please click on the charts to see them better)
USD/TRY:
John Taylor asked if I would take a look at USD/TRY, which I of cause will be happy to do.
We are in the very last part of the rally of the 1.3851 low from November 2010. The question is, whether we need one last high closer to 2.21 or we already has seen the top, with the test of 2.1948. I think we need one last high closer to 2.21 before the top is firmly in place and from here we should see a powerful decline below 2.1573 and more importantly below support at 2.1110 which will confirm the top for a decline towards at least 2.04 and possibly lower.
