USD/TRY Down 20 Pips On Hourly Chart, in an Uptrend Over Past 14 Days; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated November 24, 2022 1:38 GMT)

At the moment, USDTRY’s rate is down -0.2 pips (-0.01%) from the hour prior. This is the 2nd consecutive hour USDTRY has seen its price head down. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. 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)

The choppiness in the recent daily price action of USDTRY continues; to start today, it came in at a price of 18.61273, down 32 pips (0.02%) since the day prior. Relative to other instruments in the Forex asset class, USDTRY ranked 20th the day prior in terms of percentage price change. Below is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

The first thing we should note is that 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 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days USDTRY’s price has gone up 5 them.