USDTRY Down 9 Pips On Hourly Chart, Moves Up For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated February 22, 2021 23:16 GMT)

At the time of this writing, USDTRY’s rate is down -0.09 pips (-0.01%) from the hour prior. USDTRY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns 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. With that said, traders should also note the downtrend on the 20 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)

USDTRY is up 253 pips (0.36%) since the previous day (opening today near 6.98405), marking the 2nd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, USDTRY ranked 11th the previous day in terms of percentage price change. Below is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Coming into today USDTRY is now close to its 20 day averages, located at 7.0727 respectively, and thus may be at a key juncture along those timeframes. 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 886.8 pips away. 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 30 day timeframe, which shows price moving down 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.