USDTRY Up 14 Pips in Last Hour, Came Into Today Up For the 2nd Consecutive Day; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated November 4, 2021 3:15 GMT)

At the time of this writing, USDTRY’s rate is up 0.14 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. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDTRY. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 346 pips (0.36%) since yesterday (opening today near 9.629), marking the 2nd consecutive day it has gone up. Relative to other instruments in the Forex asset class, USDTRY ranked 12th yesterday in terms of percentage price change. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

Coming into today the current price of USDTRY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for USDTRY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 19 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.