(Last Updated November 12, 2020 1:29 GMT)
At the time of this writing, USDTRY’s rate is down -0.0165 (-0.21%) from the hour prior. USDTRY has seen its price go down 8 out of the past 10 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 20 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
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 7.78322, down 3742 pips (4.59%) since the previous day. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 39th in terms of percentage change since the previous day. The price chart of USDTRY below illustrates.
USDTRY Technical Analysis
Moving average crossovers are always interesting, so let’s start there: USDTRY crossed below its 20 and 50 day moving averages yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days USDTRY’s price has gone up 11 them. We’re also seeing a bearish engulfing pattern form over the past two candles, which suggests the uptrend on the 90 and 30 day
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 1 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 channel, divergence, fibonacci and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
As I have posted last week, Turkish Lira has started its correction against USD….We can expect 8.0000-7.8000 range for next several weeks….etc.)S – Supprt levels (S1,S2…