(Last Updated July 16, 2021 18:14 GMT)
At the moment, USDTRY’s rate is up 0.23 pips (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDTRY. Given that we see downtrend on the 20 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)
USDTRY is down 218 pips (0.25%) since yesterday (opening today near 8.561), marking the 4th day in a row a decrease has occurred. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 26th in terms of percentage change since yesterday. Below is a price chart of USDTRY.
USDTRY Technical Analysis
Notably, USDTRY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Volatility for USDTRY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days USDTRY’s price has gone up 16 them.