USD/TRY Down 42 Pips in Last Hour, Came Into Today Up For the 2nd Day In A Row; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated November 17, 2022 1:40 GMT)

Currently, USDTRY’s rate is down -0.42 pips (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 88 pips (0.05%) since yesterday (opening today near 18.623), 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 26th for the day in terms of price change. Here is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

The first thing we should note is that USDTRY is now close to its 20 and 50 day averages, located at 18.5914 and 18.5038 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on the 14 and 30 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days USDTRY’s price has gone up 18 them.