USDTRY Down 37 Pips On Hourly Chart, Came Into Today Up For the 3rd Consecutive Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 17, 2020 23:14 GMT)

At the time of this writing, USDTRY’s rate is down -0.37 pips (-0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 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 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 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 95 pips (0.13%) since the previous day (opening today near 7.4854), marking the 3rd consecutive day it has gone up. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 16th in terms of percentage change since the previous day. Here is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Notably, the current price of USDTRY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days USDTRY’s price has gone up 11 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 take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Asla ama asla yatirim tavsiyesi degildir.


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