USD/TRY Down 49 Pips Over Past 4 Hours, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

USD/TRY 4 Hour Price Update

Updated July 31, 2020 05:08 AM GMT (01:08 AM EST)

USD/TRY is down 49 pips (0.07%) since the last 4 hour candle (opening the current 4 hour candle near 6.9711), marking the 2nd candle in a row a decline has happened. Relative to other instruments in the Forex asset class, USD/TRY ranked 22nd the last 4 hour candle in terms of percentage price change.

USD/TRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of USD/TRY’s 5 day up streak; price ended the previous day down 21 pips (-0.03%) to finish the day at a rate of 6.9827. Compared to its peers in the Forex, USD/TRY gave its buyers a return that ranked 34th in terms of percentage change since the previous day. Below is a price chart of USD/TRY.

USD/TRY

USD/TRY Technical Analysis

Coming into today 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 1091.8 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days USD/TRY’s price has gone up 9 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.