USD/TRY Down 5 Pips Over Past Hour, Fares the Worst Out of Forex; Moves Down For the 2nd Consecutive Day

Hourly Update

(Last Updated November 13, 2020 1:29 GMT)

At the moment, USDTRY’s rate is down -0.0005 (-0.01%) from the hour prior. This is the 2nd straight hour USDTRY has seen its price head down. 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 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 1230 pips (1.58%) since the day prior (opening today near 7.6602), marking the 2nd consecutive day it has gone down. It may be worth observing that USDTRY was the worst performer of the 40 members in the Forex asset class over the past day. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

The first thing we should note is that the current price of USDTRY is sitting close to its 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 21 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDTRY, with 4 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 1.33, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

moving inside the channel in the long run as seen.