USDTRY Up 37 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated February 24, 2021 0:17 GMT)

At the moment, USDTRY’s rate is up 0.37 pips (0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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 304 pips (0.43%) since the day prior (opening today near 7.0144), marking the 3rd consecutive day an increase has occurred. Relative to other instruments in the Forex asset class, USDTRY ranked 9th the day prior in terms of percentage price change. Here is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

The first thing we should note is that 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. 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 435.6 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 30 days USDTRY’s price has gone down 18 them.