USD/TRY Down 119 Pips On 4 Hour Chart, Came Into Today Down For the 3rd Day In A Row; in an Uptrend Over Past 90 Days

USD/TRY 4 Hour Price Update

Updated May 12, 2020 12:54 AM GMT (08:54 PM EST)

The back and forth price flow continues for USD/TRY, which started the current 4 hour candle off at 7.0652, down 119 pips 0.17% from the previous 4 hours. Relative to other instruments in the Forex asset class, USD/TRY ranked 36th the previous 4 hours in terms of percentage price change.

USD/TRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/TRY is down 100 pips (0.14%) since the previous day (opening today near 7.05962), marking the 3rd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, USD/TRY ranked 39th the previous day in terms of percentage price change. The price chart of USD/TRY below illustrates.

USD/TRY Technical Analysis

The first thing we should note is that the current price of USD/TRY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for USD/TRY 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 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 6 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDTRY, with 4 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of divergence and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I am in short now for the long term ….Let see what we can get from itRSI divergence in a long time frame means more possibility to play out OR IN Oher words if it makes a fake break out and then comes back, it means you can short….That’s your long term short trade.