USD/TRY Down 3 Pips in Last Hour, in an Uptrend Over Past 90 Days; Eyes 20 and 50 Day Averages

Hourly Update

(Last Updated November 23, 2022 2:18 GMT)

At the time of this writing, USDTRY’s rate is down 0.03 pips (0%) 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 20 hour timeframe. Price action traders may also wish to note that we see a pin bar 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. 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 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)

The choppiness in the recent daily price action of USDTRY continues; to start today, it came in at a price of 18.61593, up 72 pips (0.04%) since the previous day. Relative to other instruments in the Forex asset class, USDTRY ranked 16th the previous day in terms of percentage price change. Below is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Coming into today the current price of USDTRY is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!