USD/TRY Price Analysis: Bullish W-formation in the makings

• USD/TRY is on the verge of creating a possible bullish 4-hour W-formation. 
• Bulls are expecting a continuation of the daily bullish correction into 8.1254 liquidity.

USD/TRY is carving out a 4-hour bullish W-formation following a restest of the daily W-formation which gives rise to the prospects for a high probability bullish setup. 

The following illustrates where the opportunity could arise after some further bullish structure formation on the 4-hour time frame. 

Daily chart

4-hour chart

A W-formation is being formed on the 4-hour chart, but the price remains bearish according to MACD.

While this is a lagging indicator, it still serves as a tool for which a long entry can only take place in a bullish environment, according to MACD. 

When the price moves higher, MACD will align and confirm a bullish environment from which bulls can opt to buy US dollars on a pullback from the structure. 

While bullish MACD does not guarantee that the price will continue higher, it is one of a number of confluences which makes for a higher probability trade setup.