USDTRY Down 72 Pips Over Past Hour, in a Downtrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated February 19, 2021 0:17 GMT)

At the moment, USDTRY’s rate is down -0.72 pips (-0.1%) 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. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Most noteworthy in the world of moving averages on the hourly chart is that the 100 and 50 hour moving averages have been crossed, with price now being below them. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 entered today at 6.9687, down 176 pips (0.25%) from yesterday. Out of the 39 instruments in the Forex asset class, USDTRY ended up ranking 30th for the day in terms of price change. Let’s take a look at price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Notably, USDTRY is now close to its 20 day averages, located at 7.131 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 1623.3 pips away. 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 down over that time. Or to simplify this another way, note that out of the past 14 days USDTRY’s price has gone down 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.