USDTRY Up 59 Pips in Last Hour; Entered Today Up For the 5th Day In A Row

Hourly Update

(Last Updated October 8, 2020 2:16 GMT)

Currently, USDTRY’s rate is up 0.59 pips (0.07%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved 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 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 898 pips (1.15%) since yesterday (opening today near 7.88235), marking the 5th day in a row it has gone up. Relative to other instruments in the Forex asset class, USDTRY ranked 2nd yesterday 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 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days USDTRY’s price has gone up 8 them.