USDTRY Down 42 Pips Over Past Hour, 6 Day Down Streak Snapped; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated January 1, 2021 3:16 GMT)

At the time of this writing, USDTRY’s rate is down -0.42 pips (-0.06%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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)

A moment of silence, please, for the end of USDTRY’s 6 day down streak; price ended yesterday up 346 pips (0.47%) to finish the day at a rate of 7.40886. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 8th in terms of percentage change since yesterday. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

The first thing we should note is that USDTRY is now close to its 200 day moving averages, which may act as price barrier for the asset. 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 200 day average, which is 1121.5 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days USDTRY’s price has gone down 12 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 0 sell signals and 1 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com that we thought you might enjoy.