USDTRY Up 68 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated February 25, 2021 0:17 GMT)

At the moment, USDTRY’s rate is up 0.68 pips (0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDTRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDTRY is up 876 pips (1.25%) since the previous day (opening today near 7.102), marking the 4th day in a row an upward move has occurred. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 2nd in terms of percentage change since the previous day. Here is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDTRY crossed above its 20 day moving average yesterday. 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 531.4 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days USDTRY’s price has gone up 7 them.