USD/TRY Down 153 Pips Over Past Hour, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 12, 2022 1:38 GMT)

At the time of this writing, USDTRY’s rate is down -1.53 pips (-0.11%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDTRY has now gone down 8 of the past 10 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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 entered today at 13.81184, down 82 pips (0.06%) from the previous day. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 26th in terms of percentage change since the previous day. Here is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

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 50 day average, which is 8407.8 pips away. Trend traders will want to observe that the strongest trend appears on the 14 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 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.