USD/TRY Down 39 Pips, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

USD/TRY Price Recap

A moment of silence, please, for the end of USD/TRY’s 3 day up streak; price ended yesterday down 39 pips (-0.07%) to finish the day at a rate of rate of 6.03775. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 40.29% from the day prior, and up 110.15% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/TRY ended up ranking 20th for the day in terms of day-over-day price change. Let’s take a look at price chart of USD/TRY.

USD/TRY Technical Analysis

The first thing we should note is that the current price of USD/TRY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much commentary on USDTRY that we’re finding noteworthy here; are y’all just scared to put out an opinion? 🙂 Here’s a piece we found on tradingview.com that we thought you might enjoy.