USD/TRY Down 16 Pips in Last Hour, in an Uptrend Over Past 90 Days; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated July 19, 2022 1:36 GMT)

At the moment, USDTRY’s rate is down -0.16 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 trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. 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)

The choppiness in the recent daily price action of USDTRY continues; to start today, it came in at a price of 17.46561, up 3648 pips (2.13%) since the day prior. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 2nd in terms of percentage change since the day prior. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

The first thing we should note is that USDTRY is now close to its 20 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days USDTRY’s price has gone up 7 them.