(Last Updated April 15, 2021)
Hello! This is the news page for USDTRY. Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
| metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
|---|---|---|---|---|---|---|---|
| Turkey TCMB Interest Rate Decision | 2021 | Turkish Lira | TRY | 2021-04-15 | 11:00 GMT | 19% | 19% |
| United States Philadelphia Fed Manufacturing Index | Apr 2021 | US Dollar | USD | 2021-04-15 | 12:30 GMT | 42 | 50.2 |
| United States NY Empire State Manufacturing Index | Apr 2021 | US Dollar | USD | 2021-04-15 | 12:30 GMT | 19.5 | 26.3 |
| United States Retail Sales MoM | Mar 2021 | US Dollar | USD | 2021-04-15 | 12:30 GMT | 5.9% | 9.8% |
| United States Retail Sales Ex Autos MoM | Mar 2021 | US Dollar | USD | 2021-04-15 | 12:30 GMT | 5% | 8.4% |
A trend/countertrend situation exists on USDTRY, in which a downtrend exists on shorter timeframes but an uptrend appears on the 90 and 30 day timeframes. The countertrend on the shorter timeframe may provide an opportunity to buy for those interested in playing the longer term trend.
The moving averages on USDTRY indicate a trend that is clearly bullish.
The chart below illustrates.
In terms of correlations over the past week for USDTRY, it has been most correlated with USDZAR. USDZAR is the asset with which USDTRY has been most correlated with over the past two weeks as well, so this may be a structural correlation in the market. On the flip side, GBPNZD has been the asset least correlated with USDTRY — but if we observe the prior two weeks, the asset least correlated with USDTRY has been EURCHF. 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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At the time of this writing, USDTRY’s rate is down -8.52 pips (-1.04%) from the week prior. Moreover, note that this is the 2nd week in a row USDTRY has seen its price head down. Regarding the trend, note that the strongest trend exists on the 10 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. The weekly chart below shows USDTRY’s price action over the past year.
Clearest trend on the monthly is apparent at the 120 month timeframe.
Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
This is a reversal of the price action on the previous hour, in which price moved down.
This move is a reversal from the hour prior, which saw price move up.
This is the 2nd hour in a row usdtry has seen its price head up.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
Relative to other instruments in the forex asset class, usdtry ranked 18th the previous day in terms of percentage price change.
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.
Compared to its peers in the forex, usdtry gave its buyers a return that ranked 32nd in terms of percentage change since yesterday.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
Price action traders may also wish to note that we see a pin bar candlestick pattern on usdtry.