USD/TRY 4 Hour Price Update
Updated June 19, 2020 09:19 AM GMT (05:19 AM EST)
USD/TRY is up 9 pips (0.01%) since the last 4 hour candle (opening the current 4 hour candle near 6.8579), marking the 2nd candle in a row it has gone up. Out of the 37 instruments in the Forex asset class, USD/TRY ended up ranking 15th for the four-hour candle in terms of price change.
USD/TRY End of Day Recap
Updated 00:30 GMT (04:30 EST)
USD/TRY is up 25 pips (0.04%) since the previous day (opening today near 6.85625), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, USD/TRY ranked 21st the previous day in terms of percentage price change. Below is a price chart of USD/TRY.
USD/TRY Technical Analysis
Notably, the current price of USD/TRY is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 282.1 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 10 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
Of note is that traders in aggregate have opinions on USDTRY, with 4 buy signals on our radar and 0 sell signals. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Fundamentals: “Lira benefitted from a recent agreement from Qatar…towards emerging markets, and it has been in range between 6.69 and 6.84.”It’s always interesting how fundamentals look at a very closed-in price range, -but according to that funda, this market may have a potential to rise.According to my analysis, 6.86 needs to be broken for bulls to continue from my bullish pattern. So bullish interests with monitoring, it is a strong line.