USDTRY Down 101 Pips On Hourly Chart, Underperforms All Forex; 2 Day Up Streak Snapped
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down.
(Last Updated February 24, 2021)
Welcome to the news page for USDTRY (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 |
---|---|---|---|---|---|---|---|
United States New Home Sales MoM | Jan 2021 | US Dollar | USD | 2021-02-24 | 15:00 GMT | 2.1% | |
United States New Home Sales | Jan 2021 | US Dollar | USD | 2021-02-24 | 15:00 GMT | 0.855M | |
United States Fed Chair Powell Testimony | NA | US Dollar | USD | 2021-02-24 | 15:00 GMT | ||
United States Fed Brainard Speech | NA | US Dollar | USD | 2021-02-24 | 15:30 GMT | ||
United States EIA Refinery Crude Runs Change | 19/Feb 2021 | US Dollar | USD | 2021-02-24 | 15:30 GMT |
On USDTRY, there is currently a downtrend on the 90 and 30 day timeframes.
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 200) — are bearish, implying a downward trend, save for a spike that occurred about 6 months ago.
Below is a chart showing USDTRY’s price with its moving averages.
In terms of correlations over the past week for USDTRY, it has demonstrated the strongest correlation with EURTRY. If we zoom out to a two week basis, though, the asset showing the strongest correlation to USDTRY is TRYJPY. Alternatively, the asset least correlated with USDTRY over the past week has been USDNOK, but over the past two weeks, the asset least correlated with USDTRY has been AUDUSD. The chart below illustrates USDTRY against its least correlated assets.
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Currently, USDTRY’s rate is up 14.33 pips (2.06%) from the week prior. USDTRY has seen its price go down 4 out of the past 5 weeks, thus creating some compelling opportunities for bears. 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 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.
Strongest trend on the 24 month timeframe.
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down.
This move is a reversal from the hour prior, which saw price move up.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
Or to simplify this another way, note that out of the past 30 days usdtry’s price has gone down 18 them.
The closest is the 20 day average, which is 2299.5 pips away.
It’s been a feast for bears operating on an hourly timeframe, as usdtry has now gone down 4 of the past 5 hours.
The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.
Or to simplify this another way, note that out of the past 14 days usdtry’s price has gone down 9 them.
Price action traders may also wish to note that we see a pin bar candlestick pattern on usdtry.