USD/TRY Down 12 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated May 9, 2022 1:37 GMT)

Currently, USDTRY’s rate is down -0.12 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns 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)

USDTRY is up 689 pips (0.46%) since the previous day (opening today near 14.93475), marking the 2nd straight day it has gone up. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 5th in terms of percentage change since the previous day. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

Notably, the current price of USDTRY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 20 out of the past 30 days.