(Last Updated July 7, 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:
If we observe the 90, 30 and 14 day timeframes, we see an uptrend in place for USDTRY.
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 50 are bullish, suggesting the trend is generally upward, aside from a fall about 2 months prior.
Below is a chart showing USDTRY’s price with its moving averages.
Regarding USDTRY’s correlations over the past 7 days, it has been most correlated with USDHKD. Over the past 14 days, however, GBPAUD is the asset most correlated to USDTRY. On the flip side, CADCHF has been the asset least correlated with USDTRY — but if we observe the prior two weeks, USDMXN 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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As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
As a trader you should develop and test your own entry protocol.- we never trade just because the price reaches the trading zone.
And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well.
Relative to other instruments in the forex asset class, usd/try ranked 21st the previous day in terms of percentage price change.
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
As for the rationale, technical traders seem to be citing the appearance of channel and trendline technical patterns.
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time.
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up.
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign.