USDTRY Down 1 Pips On Hourly Chart, Moves Down For the 3rd Straight Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated July 23, 2021 2:15 GMT)

At the moment, USDTRY’s rate is down 0.01 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDTRY has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 10 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 down 41 pips (0.05%) since yesterday (opening today near 8.5536), marking the 3rd straight day a decline has happened. Out of the 39 instruments in the Forex asset class, USDTRY ended up ranking 22nd for the day in terms of price change. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

Notably, USDTRY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 10 out of the past 14 days.