USDTRY Down 0 Pips Over Past Hour, Moves Down For the 3rd Day In A Row; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated January 15, 2021 3:17 GMT)

At the time of this writing, USDTRY’s rate is down 0 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar 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. Of note is that the 100 hour changed directions on USDTRY; it is now pointing up. 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 334 pips (0.45%) since the day prior (opening today near 7.3627), marking the 3rd day in a row it has gone down. Relative to other instruments in the Forex asset class, USDTRY ranked 33rd the day prior in terms of percentage price change. Here is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

The first thing we should note is that 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 315.2 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. 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. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days USDTRY’s price has gone up 5 them.