USD/TRY Down 52 Pips in Last Hour; Entered Today Up For the 2nd Consecutive Day

Hourly Update

(Last Updated September 24, 2021 1:45 GMT)

At the moment, USDTRY’s rate is down -0.52 pips (-0.06%) from the hour prior. This is the 2nd consecutive hour USDTRY has seen its price head down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji 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 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 1191 pips (1.38%) since the day prior (opening today near 8.7622), marking the 2nd consecutive day it has gone up. Out of the 39 instruments in the Forex asset class, USDTRY ended up ranking 5th for the day in terms of price change. Below is a price chart of USDTRY.

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 100 day average, which is 2192.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days USDTRY’s price has gone up 7 them.

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 dailyfx.com; below is a short snippet from it to give you a taste.

The Central Bank of the Republic of Turkey (CBRT) ended its monetary tightening cycle will a surprise 100-bps rate cut on Thursday.