USDTRY Down 10 Pips in Last Hour, in an Uptrend Over Past 30 Days; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated September 8, 2020 15:14 GMT)

At the time of this writing, USDTRY’s rate is down -0.1 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDTRY. Given that we see an uptrend on the 20 and 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 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)

USDTRY is up 48 pips (0.07%) since the day prior (opening today near 7.42871), marking the 5th straight day it has gone up. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 14th in terms of percentage change since the day prior. Let’s take a look at price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

The first thing we should note is that USDTRY is now close to its 20 day averages, located at 7.342 respectively, and thus may be at a key juncture along those timeframes. 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days USDTRY’s price has gone up 9 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 3 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a divergence technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

OHLCSEPTEMBER MONTHLY STRUCTURE & OHLC POSSIBLE YEARLY STRUCTREKindly wait for price to find a strong RESISTANCE in a daily timeframe….YEARLY STRUCTUREOHLCIn a monthly structure for the year, one can identify a perfect bearish divergence with price Opening High, Patiently also waiting for a cross below blood line in a monthly timeframe for the yearly structure to take shape….Wait for valid entries.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram