USDTRY Up 157 Pips On Hourly Chart, 3 Day Up Streak Broken; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated January 13, 2021 2:16 GMT)

At the moment, USDTRY’s rate is up 1.57 pips (0.21%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, with price now being above it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward 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 day prior down 211 pips (-0.28%) to finish the day at a rate of 7.44265. Relative to other instruments in the Forex asset class, USDTRY ranked 28th the day prior in terms of percentage price change. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

Notably, USDTRY is now close to its 20 and 200 day moving averages, which may act as price barrier for the asset. 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 834.2 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 17 out of the past 30 days.