USD/TRY Up 69 Pips Over Past Hour, 3 Day Up Streak Broken; Nears 50 Day Moving Average
This imputes a buy/sell ratio of 0, which is quite bearish.
USDTRY
(Last Updated November 25, 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. The countertrend on the shorter timeframe may provide an opportunity to buy for those interested in playing the longer term trend.
USDTRY Moving Averages
The moving averages on USDTRY summarize its price action in an interesting way. Of the 20, 50, 100, and 200 day averages — three of them (all but the 20) — are bullish, implying a upward trend, aside from a decline about 3 weeks prior.
Below is a chart showing USDTRY’s price with its moving averages.
As for assets in the Forex asset class USDTRY has been correlated to over the past week, it has demonstrated the strongest correlation with EURTRY. EURTRY 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. On the flip side, EURCHF has been the asset least correlated with USDTRY — but over the past two weeks, CADJPY has been the asset least correlated with USDTRY. The chart below illustrates USDTRY against its least correlated assets.
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The View From the Weekly Timeframe
At the moment, USDTRY’s rate is up 0.355 (4.65%) from the week prior. It’s been a feast for bulls operating on the weekly timeframe, as USDTRY has now gone up 8 of the past 10 weeks. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists on the 20 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a bearishness in price, as the 20 and 50 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend. USDTRY’s weekly price action over the past 52 weeks can be seen via the chart below.
USDTRY: The Monthly View
Strongest trend on the 120 month timeframe.
USD/TRY Down 1 Pips Over Past Hour, Moves Up For the 3rd Consecutive Day; Breaks Above 50 Day Average
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
USD/TRY Up 5 Pips Over Past Hour, Outperforms All Forex; But Still in a Downtrend Over Past 14 Days
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down.
USDTRY Up 242 Pips in Last Hour, Tops All Forex; But Still in a Downtrend Over Past 14 Days
This is a reversal of the price action on the previous hour, in which price moved down.
USDTRY Up 102 Pips On Hourly Chart, Tops All Forex; But Still in a Downtrend Over Past 14 Days
For context, observe that yesterday was noteworthy in the sense that usdtry bested all 40 of the assets in the forex class.
USDTRY Down 2 Pips Over Past Hour, Fares the Worst Out of Forex; in a Downtrend Over Past 14 Days
It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe.
USDTRY Down 8 Pips Over Past Hour, in an Uptrend Over Past 90 Days; 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 Up 79 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes.
USDTRY Up 17 Pips Over Past Hour, 3 Day Down Streak Ended; in an Uptrend Over Past 90 Days
It’s been a feast for bulls operating on an hourly timeframe, as usdtry has now gone up 4 of the past 5 hours.
USD/TRY Down 5 Pips Over Past Hour, Fares the Worst Out of Forex; Moves Down For the 2nd Consecutive Day
This imputes a buy/sell ratio of 1.33, which is bullish.