USDTRY Down 0 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Moves Up For the 2nd Straight Day

Hourly Update

(Last Updated June 3, 2021 4:17 GMT)

At the moment, USDTRY’s rate is down 0 pips (0%) from the hour prior. USDTRY has seen its price go down 5 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 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 525 pips (0.62%) since the day prior (opening today near 8.5826), marking the 2nd straight day an increase has occurred. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 2nd in terms of percentage change since the day prior. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

Notably, 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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

While there was heavy interest in the meme-stocks this past session, the emerging market FX space generated remarkable volatility on its own. Some of the most liquid BRICS member currencies were posting impressive rallies – like the Brazilian Real (USDBRL) and South African Rand (USDZAR). However not all EM was outpacing the Greenback. The Turkish Lira was one such currency under its own pressure.After reports that the Turkish President spoke to the central bank governor about rates being too high Wednesday morning, USDTRY surged to a fresh record high, but the candle ultimately ends with a large upper wick. Have we already priced in the coming rate cuts? Maybe in the short-term before the central bank officially cuts in a few weeks, but I’m dubious of longer term.Our article on Erdogan’s remarks: https://www.dailyfx.com/forex/market_alert/2021/06/02/USDTRY-Pushes-Higher-Following-Erdogans-Comments-on-Interest-Rates.html