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.
USDTRY
(Last Updated November 27, 2020)
Hello! This is the news page for USDTRY. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
For USDTRY, we have to zoom out to the 90 day timeframe and beyond to see a clear trend; at that point, a clear uptrend becomes apparent.
USDTRY Moving Averages
The moving averages on USDTRY summarize its price action in an interesting way. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 20 are bullish, implying a upward trend, save for a drop that occurred about 3 weeks ago.
The chart below illustrates.
In terms of correlations over the past week for USDTRY, it has demonstrated the strongest correlation with TRYJPY. Over the past 14 days, however, the asset showing the strongest correlation to USDTRY is EURTRY. Alternatively, GBPAUD has been the asset least correlated with USDTRY — but if we observe the prior two weeks, USDJPY 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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The View From the Weekly Timeframe
Currently, USDTRY’s rate is up 0.2333 (3.06%) 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. The weekly chart below shows USDTRY’s price action over the past year.
USDTRY: The Monthly View
Strongest trend on the 120 month timeframe.
USD/TRY Down 165 Pips in Last Hour, Breaks Below 20 and 50 Day Averages; Price Base in Formation Over Past 14 Days
As for the rationale, technical traders seem to be citing the appearance of channel, divergence, fibonacci and trendline technical patterns.
USDTRY Up 194 Pips On Hourly Chart, Crosses 20 and 50 Day Moving Averages; Bearish Engulfing Pattern Present
Compared to its peers in the forex, usdtry gave its buyers a return that ranked 39th in terms of percentage change since yesterday.
USDTRY Down 165 Pips in Last Hour, Crosses 20 Day Moving Average; in an Uptrend Over Past 30 Days
It’s been a feast for bears operating on an hourly timeframe, as usdtry has now gone down 8 of the past 10 hours.
USDTRY Down 108 Pips in Last Hour, 3 Day Up Streak Ended; Breaks Below 20 Day Average
Of note is that the 20 hour changed directions on usdtry; it is now pointing down.
USDTRY Up 111 Pips Over Past Hour, Entered Today Up For the 3rd Straight Day; in an Uptrend Over Past 90 Days
This is the 2nd hour in a row usdtry has seen its price head up.
USDTRY Down 67 Pips On Hourly Chart, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart
For additional context, note that price has gone up 10 out of the past 14 days.
USDTRY Down 151 Pips On Hourly Chart, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart
Or to simplify this another way, note that out of the past 30 days usdtry’s price has gone up 22 them.
USDTRY Down 94 Pips Over Past Hour, 8 Day Up Streak Snapped; in an Uptrend Over Past 14 Days
This is a reversal of the price action on the previous hour, in which price moved up.
USDTRY Down 161 Pips On Hourly Chart, Entered Today Up For the 8th Day In A Row; in an Uptrend Over Past 90 Days
Price action traders may also wish to note that we see a doji candlestick pattern on usdtry.