USDTRY Up 8 Pips in Last Hour, 5 Day Down Streak Broken; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated July 19, 2021 3:14 GMT)

Currently, USDTRY’s rate is up 0.08 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDTRY. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

A moment of silence, please, for the end of USDTRY’s 5 day down streak; price ended yesterday up 171 pips (0.2%) to finish the day at a rate of 8.53154. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 8th in terms of percentage change since yesterday. Let’s take a look at price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Coming into today the current price of USDTRY 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. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone up 17 out of the past 30 days.