USDTRY Down 8 Pips Over Past Hour, 2 Day Up Streak Snapped; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated February 11, 2021 1:18 GMT)

At the moment, USDTRY’s rate is down -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 up. 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 doji 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 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)

USDTRY entered today at 7.0581, down 90 pips (0.13%) from the day prior. Relative to other instruments in the Forex asset class, USDTRY ranked 22nd the day prior in terms of percentage price change. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

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 20 day average, which is 2181.9 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days USDTRY’s price has gone down 10 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.