USDTRY Up 29 Pips Over Past Hour, Came Into Today Up For the 5th Straight Day; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated September 7, 2020 15:14 GMT)

At the time of this writing, USDTRY’s rate is up 0.29 pips (0.04%) from the hour prior. USDTRY has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 48 pips (0.07%) since the day prior (opening today near 7.42871), marking the 5th straight day an upward move has occurred. Out of the 40 instruments in the Forex asset class, USDTRY ended up ranking 14th for the day in terms of price change. Let’s take a look at price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Coming into today USDTRY is now close to its 20 day averages, located at 7.342 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days USDTRY’s price has gone up 21 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.


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