(Last Updated October 12, 2021 0:15 GMT)
At the moment, USDTRY’s rate is down -0.33 pips (-0.04%) from the hour prior. This is the 2nd hour in a row USDTRY has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 up 43 pips (0.05%) since the previous day (opening today near 8.96569), marking the 2nd day in a row an upward move has occurred. Out of the 39 instruments in the Forex asset class, USDTRY ended up ranking 15th for the day in terms of 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 day moving averages, which may act as price barrier for the asset. 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 1516.1 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 up. Or to simplify this another way, note that out of the past 30 days USDTRY’s price has gone up 19 them.