(Last Updated October 12, 2020 2:16 GMT)
At the moment, USDTRY’s rate is up 0.18 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDTRY has now gone up 5 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 and 5 hourly candle timeframe, so the meaning of the candles may require further exploration. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)
After 6 up days, USDTRY snaps its streak, falling 857 pips (-1.08%) over the past day to close at an exchange rate of 7.85485. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 38th in terms of percentage change since the previous day. Below is a price chart of USDTRY.
USDTRY Technical Analysis
Coming into today the current price of USDTRY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days USDTRY’s price has gone up 11 them. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 90, 30 and 14 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.