USDTRY Up 9 Pips On Hourly Chart, 2 Day Up Streak Broken; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated July 6, 2021 3:16 GMT)

Currently, USDTRY’s rate is up 0.09 pips (0.01%) 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. Regarding the trend, note that the strongest trend exists 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 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 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)

The choppiness in the recent daily price action of USDTRY continues; to start today, it came in at a price of 8.6631, down 299 pips (0.34%) since yesterday. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 36th in terms of percentage change since yesterday. Here is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

The first thing we should note is that USDTRY is now close to its 20 and 50 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. 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 10 days USDTRY’s price has gone up 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.