USD/TRY Down 676 Pips in Last 4 Hours, Outperforms All Forex; Entered Today Up For the 4th Day In A Row

USD/TRY 4 Hour Price Update

Updated August 11, 2020 01:06 PM GMT (09:06 AM EST)

USD/TRY is down 676 pips (0.93%) since the last 4 hour candle (opening the current 4 hour candle near 7.2365), marking the 3rd candle in a row it has gone down. Those trading within the Forex asset class should know that USD/TRY was the worst performer in the class.

USD/TRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/TRY is up 602 pips (0.83%) since yesterday (opening today near 7.32665), marking the 4th day in a row an upward move has occurred. On a relative basis, yesterday was pretty good: USD/TRY bested all 79 of the assets in the Forex class 🙂 Here is a price chart of USD/TRY.

USD/TRY

USD/TRY Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days USD/TRY’s price has gone up 9 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 0 sell signals and 2 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 As for the rationale, technical traders seem to be citing the appearance of a elliott wave technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.