(Last Updated November 5, 2021 23:14 GMT)
At the moment, USDTRY’s rate is down -0.36 pips (-0.04%) from the hour prior. USDTRY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 doji candlestick pattern on USDTRY. Given that we see downtrend on the 10 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 346 pips (0.36%) since the previous day (opening today near 9.629), marking the 2nd consecutive day it has gone up. Relative to other instruments in the Forex asset class, USDTRY ranked 12th the previous day in terms of percentage price change. The price chart of USDTRY below illustrates.
USDTRY Technical Analysis
Coming into today USDTRY is now close to its 20 day moving averages, which may act as price barrier for the asset. 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 10 days USDTRY’s price has gone up 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.