USDTRY Down 40 Pips in Last Hour; Tops All Forex

Hourly Update

(Last Updated June 2, 2021 2:16 GMT)

At the time of this writing, USDTRY’s rate is down -0.4 pips (-0.05%) from the hour prior. The hourly chart shows that USDTRY has seen 3 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDTRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USDTRY, which started today off at 8.5301, up 493 pips 0.58% from the day prior. On a relative basis, the day prior was pretty good: USDTRY bested all 39 of the assets in the Forex class 🙂 The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

The first thing we should note is that USDTRY is now close to its 20 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 9 out of the past 14 days.

The View From Around the Web

Not much commentary on USDTRY that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

USD/TRY pushed higher late on Tuesday as Turkish Prime Minister Recep Erdogan made his case for lower interest rates.