This week has seen the USD/Turkish Lira exchange rate drop from a high of 18.25 TL per Dollar to a close at 11 TL per Dollar. In my previous idea published in January 2021. The concepts I laid out in that idea are still valid. The curve I drew still holds intact. RSI is still rising in the parallel channel. The recent spike has seen RSI reach even higher value than ever before. I still hold that this trend will continue until 2026 where the exchange rate will be 18 TL for the Dollar; and I'm talking about the normal stable every day rate, not a temporary spike like in the past month.
Another thing to notice is the volatility.
Throughout 2020, The Turkish government has been the biggest buyer of gold in the world, but they have been also the biggest seller of gold in the same year. The Central Bank is confused as is actually trading gold like an uncertain irresponsible child. The responsible thing to do is to peg the currency to either the Dollar, the Euro, Gold or even better, Bitcoin. It will cause a shock, but it will also bring security, stability and prosperity in less than a decade.
You can follow this chart here.
Follow me for updates on this chart and others.
Another thing to notice is the volatility.
- The previous spike in January 2017 reached a high that is 30% above my curve.
- The spike in September 2018 reached a high 71% above the curve,
- and lastly, the December 2021 spike reached a high 104% above the curve.
Throughout 2020, The Turkish government has been the biggest buyer of gold in the world, but they have been also the biggest seller of gold in the same year. The Central Bank is confused as is actually trading gold like an uncertain irresponsible child. The responsible thing to do is to peg the currency to either the Dollar, the Euro, Gold or even better, Bitcoin. It will cause a shock, but it will also bring security, stability and prosperity in less than a decade.
You can follow this chart here.
Follow me for updates on this chart and others.