USD/TRY Down 18 Pips On 4 Hour Chart, 2 Day Down Streak Broken; Pin Bar Pattern Appearing on Chart

USD/TRY 4 Hour Price Update

Updated May 20, 2020 05:04 PM GMT (01:04 PM EST)

USD/TRY is down 18 pips (0.03%) since the previous 4 hours (opening the current 4 hour candle near 6.7937), marking the 2nd candle in a row a decrease has occurred. Relative to other instruments in the Forex asset class, USD/TRY ranked 22nd the previous 4 hours in terms of percentage price change.

USD/TRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of USD/TRY continues; to start today, it came in at a price of 6.7827, up 122 pips (0.18%) since the day prior. Out of the 40 instruments in the Forex asset class, USD/TRY ended up ranking 13th for the day in terms of price change. Below is a price chart of USD/TRY.

USD/TRY Technical Analysis

Notably, USD/TRY is now close to its 50 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. For additional context, note that price has gone down 8 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Not trading advice in any way.Falling wedge, sellinc climax, big wick trying to form a hammer.Macro for USD is stronger compared to TRY.