(Last Updated November 11, 2020 0:16 GMT)
At the moment, USDTRY’s rate is down -1.08 pips (-0.13%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Of note is that the 20 hour changed directions on USDTRY; it is now pointing down. 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)
A moment of silence, please, for the end of USDTRY’s 3 day up streak; price ended the previous day down 4400 pips (-5.19%) to finish the day at a rate of 8.04063. Out of the 40 instruments in the Forex asset class, USDTRY ended up ranking 39th for the day in terms of price change. Below is a price chart of USDTRY.
USDTRY Technical Analysis
Moving average crossovers are always interesting, so let’s start there: USDTRY crossed below its 20 day moving average yesterday. 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 11 out of the past 14 days. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 90, 30 and 14 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.