USD/TRY Up 18 Pips Over Past 4 Hours, 5 Day Down Streak Snapped; in an Uptrend Over Past 90 Days

USD/TRY 4 Hour Price Update

Updated May 15, 2020 01:06 PM GMT (09:06 AM EST)

The choppiness in the recent four-hour candle price action of USD/TRY continues; to start the current 4 hour candle, it came in at a price of 6.914, up 18 pips (0.03%) since the last 4 hour candle. Compared to its peers in the Forex, USD/TRY gave its buyers a return that ranked 16th in terms of percentage change since the last 4 hour candle.

USD/TRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of USD/TRY’s 5 day down streak; price ended the previous day up 133 pips (0.19%) to finish the day at a rate of 6.92657. Relative to other instruments in the Forex asset class, USD/TRY ranked 8th the previous day in terms of percentage price change. Here is a price chart of USD/TRY.

USD/TRY Technical Analysis

The first thing we should note is that USD/TRY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

Now, price is facing very strong support – May central pivot range (CPR), May Camarilla S3 reversal level, yearly classic S2 pivot, yearly Fibonacci S3 pivot (did not plot the last 2 to have it more clear – but they are there) all at same point, confluence with May S3 reversal level….If this level holds and price is rejected, what is also possible, it will bounce up and continue in uptrend or range above monthly CPR….If price breaks through monthly pivot range, as it is moving quite decisively into it and we have got that weekly pin bar reversal on top, short trade may be taken to former yearly roof R4, now support.