USD/TRY Down 62 Pips On 4 Hour Chart, Entered Today Up For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart
Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up.
USDTRY
(Last Updated June 5, 2020)
Welcome to the news page for USDTRY (USDTRY). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
A trend/countertrend situation exists on USDTRY, in which a downtrend exists on shorter timeframes but an uptrend appears on the 90 day timeframe. As such, traders with short positions should be aware of the uptrend in place on the longer timeframes.
USDTRY Moving Averages
Nuances in the trend on USDTRY can be understood by observing the behavior of its moving averages. The 100 and 200 day averages suggest a bullish trend, as they are pointing upwards, while the 20 and 50 day averages are pointing downward, suggesting a bearish trend on those timeframes. This implies that the long-term trend — meaning going back over 3 months — is bullish, while the trend over the past month and a half is bearish.
Below is a chart showing USDTRY’s price with its moving averages.
As for correlation, As for assets in the Forex asset class USDTRY has been correlated to over the past week, it has been most correlated with TRYJPY. TRYJPY is the asset with which USDTRY has been most correlated with over the past two weeks as well, so this may be a recurring pattern. Alternatively, the asset least correlated with USDTRY over the past week has been USDCHF, but over the past two weeks, EURTRY has been the asset least correlated with USDTRY. See the chart below to observe the recent price action in USDTRY versus those of assets it hasn’t been well correlated with.
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USD/TRY Up 14 Pips in Last 4 Hours, Moves Up For the 3rd Day In A Row; in a Downtrend Over Past 30 Days
The closest is the 20 day average, which is 477.4 pips away.
USD/TRY Up 11 Pips Over Past 4 Hours, in a Downtrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart
The closest is the 20 day average, which is 832.5 pips away.
USD/TRY Up 29 Pips On 4 Hour Chart, Makes Big Move Relative to Two Week Trend; Entered Today Down For the 3rd Day In A Row
For additional context, note that price has gone down 8 out of the past 14 days.
USD/TRY Up 50 Pips On 4 Hour Chart, Price Base in Formation Over Past 14 Days; Pin Bar Pattern Appearing on Chart
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
USD/TRY Down 53 Pips in Last 4 Hours, in a Downtrend Over Past 30 Days; Doji and Pin Bar Patterns Appearing on Chart
Compared to its peers in the forex, usd/try gave its buyers a return that ranked 32nd in terms of percentage change since yesterday.
USD/TRY Down 124 Pips in Last 4 Hours, 2 Day Up Streak Broken; in an Uptrend Over Past 90 Days
Interestingly, a trend in the other direction exists on the 14 and 30 day timeframes, where price is headed down.
USD/TRY Down 13 Pips in Last 4 Hours, Moves Up For the 2nd Day In A Row; in an Uptrend Over Past 90 Days
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up.
USD/TRY Down 8 Pips On 4 Hour Chart, 2 Day Down Streak Broken; Pin Bar Pattern Appearing on Chart
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
USD/TRY Down 42 Pips Over Past 4 Hours; Pin Bar Pattern Appearing on Chart
Compared to its peers in the forex, usd/try gave its buyers a return that ranked 12th in terms of percentage change since the day prior.