(Last Updated April 5, 2021 2:16 GMT)
Currently, USDTRY’s rate is up 1.52 pips (0.19%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDTRY has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDTRY. Given that we see an uptrend 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 choppiness in price, as the 20, 50, 100 and 200 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 240 pips (0.29%) since the previous day (opening today near 8.18587), marking the 2nd consecutive day an increase has occurred. Relative to other instruments in the Forex asset class, USDTRY ranked 3rd the previous day in terms of percentage price change. Below is a price chart of USDTRY.
USDTRY Technical Analysis
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 20 day average, which is 3182 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 6 out of the past 10 days.