USDTRY Down 4 Pips On Hourly Chart, 6 Day Down Streak Ended; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated January 4, 2021 2:16 GMT)

Currently, USDTRY’s rate is down -0.04 pips (-0.01%) from the hour prior. USDTRY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 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, which opened today priced near 7.40886, is up 346 pips 0.47% since the day prior, marking a reversal from the day prior — and the end of a 6 day negative run. Out of the 40 instruments in the Forex asset class, USDTRY ended up ranking 8th for the day in terms of price change. Here is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Notably, the current price of USDTRY is sitting close to its 200 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 200 day average, which is 1121.5 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 12 out of the past 14 days.

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.

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