USD/TRY Down 38 Pips in Last Hour, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated June 17, 2022 1:37 GMT)

At the moment, USDTRY’s rate is down -0.38 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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)

The back and forth price flow continues for USDTRY, which started today off at 17.30192, up 545 pips 0.32% from the previous day. Relative to other instruments in the Forex asset class, USDTRY ranked 18th the previous day in terms of percentage price change. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much commentary on USDTRY that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Trade Idea: Trading the range for USDTRY Reasoning: Selling at resistance level – targeting support level Entry Level: 17.2892 Take Profit Level: 17.1847 Stop Loss: 17.3214 Risk/Reward: 3.25:1 Disclaimer – Signal Centre. Please be reminded – you alone are responsible for your trading – both gains and losses. There is a very high degree of risk involved in trading. The technical analysis , like all indicators, strategies, columns, articles and other features accessible on/though this site is for informational purposes only and should not be construed as investment advice by you. Your use of the technical analysis , as would also your use of all mentioned indicators, strategies, columns, articles and all other features, is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness (including suitability) of the information. You should assess the risk of any trade with your financial adviser and make your own independent decision(s) regarding any tradable products which may be the subject matter of the technical analysis or any of the said indicators, strategies, columns, articles and all other features.