USDTRY Down 4 Pips in Last Hour, Came Into Today Up For the 2nd Consecutive Day; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated May 12, 2021 0:16 GMT)

At the time of this writing, USDTRY’s rate is down 0.04 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 174 pips (0.21%) since the day prior (opening today near 8.2665), marking the 2nd consecutive day an increase has occurred. Relative to other instruments in the Forex asset class, USDTRY ranked 15th 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 and 50 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 233.4 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 7 out of the past 14 days.