USDTRY Up 122 Pips in Last Hour, Came Into Today Up For the 8th Straight Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 10, 2020 16:14 GMT)

At the moment, USDTRY’s rate is up 1.22 pips (0.16%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDTRY has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, so that price is now turning above it. 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)

USDTRY is up 15 pips (0.02%) since the previous day (opening today near 7.48343), marking the 8th straight day an upward move has occurred. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 21st in terms of percentage change since the previous day. Let’s take a look at price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Notably, USDTRY is now close to its 20 day averages, located at 7.3698 respectively, and thus may be at a key juncture along those timeframes. 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 14 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 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram