(Last Updated July 15, 2021 1:15 GMT)
Currently, USDTRY’s rate is up 0.15 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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)
USDTRY is down 182 pips (0.21%) since yesterday (opening today near 8.6162), marking the 2nd consecutive day it has gone down. Relative to other instruments in the Forex asset class, USDTRY ranked 25th yesterday in terms of percentage price change. The price chart of USDTRY below illustrates.
USDTRY Technical Analysis
The first thing we should note is that USDTRY is now close to its 20 and 50 day averages, located at 8.6834 and 8.5845 respectively, and thus may be at a key juncture along those timeframes. 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 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 10 days USDTRY’s price has gone up 5 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.