(Last Updated June 7, 2022 1:39 GMT)
Currently, USDTRY’s rate is down -0.11 pips (-0.01%) from the hour prior. USDTRY has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. 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 pin bar candlestick pattern on USDTRY. Given that we see an uptrend 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 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)
The choppiness in the recent daily price action of USDTRY continues; to start today, it came in at a price of 16.61687, up 2190 pips (1.34%) since the day prior. Out of the 39 instruments in the Forex asset class, USDTRY ended up ranking 2nd for the day in terms of price change. Let’s take a look at price chart of USDTRY.
USDTRY Technical Analysis
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 up. Or to simplify this another way, note that out of the past 30 days USDTRY’s price has gone up 22 them.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 2 sell signals and 2 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
The pair is well over extended and well, many disagreements on my posts. That is fine, as in the end of the day we are all responsible for our positions.For now, no change in long-term view, and including weekly chart view, that the pair is heavily overbought, and yes inflation is very high, and one should consider the pair as a managed float, does not mean the market condition can continuously drive it upwards. For now SELL current (or add) @ 16.60-16.75 and will update when again. The profit order for medium-term 13.75 for now. The long-term 10.50-9.7500 for now.