So far, this breakout has started to trend nicely to the upside with price already up 7.3%since breaking above resistance at 7.0831.
This imputes a buy/sell ratio of 0.5, which is bearish.
With a trend currently in play, we have to look at the next area price may move to and wecan see that then 8.0000 round number is above and may act as resistance.we currently have a position in this pair and we will look to compound as long as pricecontinues to break previous levels of resistance.see below for more information on our trading techniques.
This move is a reversal from the hour prior, which saw price move down.
Compared to its peers in the forex, usdtry gave its buyers a return that ranked 16th in terms of percentage change since the previous day.
Price action traders may also wish to note that we see a pin bar candlestick pattern on usdtry.
Of note is that the 100 hour changed directions on usdtry; it is now pointing down.
It’s been a feast for bears operating on an hourly timeframe, as usdtry has now gone down 5 of the past 5 hours.
For additional context, note that price has gone up 11 out of the past 14 days.
Or to simplify this another way, note that out of the past 10 days usdtry’s price has gone up 8 them.