USD/TRY Down 13 Pips Over Past 4 Hours, Price Base in Formation Over Past 30 Days; Nears 20, 50 and 100 Day Moving Averages

USD/TRY 4 Hour Price Update

Updated July 24, 2020 01:06 PM GMT (09:06 AM EST)

USD/TRY entered the current 4 hour candle at 6.8482, down 13 pips (0.02%) from the previous 4 hours. Compared to its peers in the Forex, USD/TRY gave its buyers a return that ranked 19th in terms of percentage change since the previous 4 hours.

USD/TRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/TRY entered today at 6.84272, up 33 pips (0.05%) from the previous day. Out of the 40 instruments in the Forex asset class, USD/TRY ended up ranking 9th for the day in terms of price change. Let’s take a look at price chart of USD/TRY.

USD/TRY Technical Analysis

Notably, the current price of USD/TRY is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 96.1 pips away. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days USD/TRY’s price has gone up 6 them. And for candlestick traders, a special treat: there is a doji 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 channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

buy near channel bottom / potential sell near ascending channel top till price remain inside range. Follow us for more..