(Last Updated April 27, 2021 2:16 GMT)
Currently, USDTRY’s rate is down -0.26 pips (-0.03%) from the hour prior. 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. 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)
A moment of silence, please, for the end of USDTRY’s 8 day up streak; price ended the day prior down 1422 pips (-1.69%) to finish the day at a rate of 8.2724. Out of the 39 instruments in the Forex asset class, USDTRY ended up ranking 38th for the day in terms of price change. Let’s take a look at price chart of USDTRY.
USDTRY Technical Analysis
Notably, USDTRY is now close to its 20 day averages, located at 8.1604 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 1119.9 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 9 out of the past 14 days. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 90, 14 and 30 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.