(Last Updated January 7, 2021 2:16 GMT)
At the moment, USDTRY’s rate is down -0.62 pips (-0.08%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 20 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
USDTRY End of Day Recap
Updated 00:30 GMT (04:30 EST)
USDTRY is down 810 pips (1.1%) since the day prior (opening today near 7.29761), marking the 2nd straight day it has gone down. Relative to other instruments in the Forex asset class, USDTRY ranked 39th the day prior in terms of percentage price change. Here is a price chart of USDTRY.
USDTRY Technical Analysis
Moving average crossovers are always interesting, so let’s start there: USDTRY crossed below its 200 day moving average yesterday. 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 125.8 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. 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. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 11 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.
50 gunluk ortlamayi kirdiktan sonra 200 gunluk ortlamayida kirdik ve arkasindan sert satislar gormeye basladik ve bunu sizlerle paylasmak istedim. USDTRY icin orta vade hedefim 7 bandi , ve daha uzun vadede ise 6.70 bandi . Yatirim tavsiyesi degildir. Egitim amacli hazirlanmistir.-Justanordinarypeople- Gormedigim veya farketmediigm hatali oldugum yerlerde lutfen yorumlarinizi esirgemeyin. Yorumlar benim icin cok degerli.