USD/TRY 4 Hour Price Update
Updated May 25, 2020 09:10 PM GMT (05:10 PM EST)
The back and forth price flow continues for USD/TRY, which started the current 4 hour candle off at 6.8143, down 10 pips 0.01% from the last 4 hour candle. Compared to its peers in the Forex, USD/TRY gave its buyers a return that ranked 25th in terms of percentage change since the last 4 hour candle.
USD/TRY End of Day Recap
Updated 00:30 GMT (04:30 EST)
USD/TRY entered today at 6.80158, down 91 pips (0.13%) from the previous day. Compared to its peers in the Forex, USD/TRY gave its buyers a return that ranked 39th in terms of percentage change since the previous day. Here is a price chart of USD/TRY.
USD/TRY Technical Analysis
The first thing we should note is that the current price of USD/TRY is sitting close to its 20 and 50 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 down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 10 out of the past 14 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on USDTRY, with 1 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.2, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Hey, I am back with another idea, this time looking at Forex pair of USD/TRYUSD/TRY pair has been spotted in a bear flag, which is considered as bearish formation, strong in downtrend and also as the EMA’s are getting tighter, there is move likely to happen soon at this level….I would short this pair at the resistance area….Have a good luck with trading, don’t forget to stick to your strategy.