USDTRY Up 42 Pips Over Past Hour, Came Into Today Down For the 2nd Consecutive Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated January 14, 2021 2:16 GMT)

At the moment, USDTRY’s rate is up 0.42 pips (0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDTRY. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

USDTRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDTRY is down 465 pips (0.62%) since the day prior (opening today near 7.39615), marking the 2nd consecutive day a decline has happened. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 37th in terms of percentage change since the day prior. Below is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Notably, USDTRY is now close to its 20 and 200 day moving averages, which may act as price barrier for the asset. 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. The closest is the 200 day average, which is 680.2 pips away. Volatility for USDTRY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. For additional context, note that price has gone up 5 out of the past 10 days.