USD/TRY Down 706 Pips; in an Uptrend Over Past 30 Days

USD/TRY Price Recap

After 5 up days, USD/TRY snaps its streak, falling 706 pips (-1.13%) over the past day to close at an exchange rate of 6.16492. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 6.23% from the day before — and down 10.89% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/TRY ended up ranking 39th for the day in terms of day-over-day price change. Here is a price chart of USD/TRY.

USD/TRY Technical Analysis

The first thing we should note is that the current price of USD/TRY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 10 out of the past 14 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 0 sell signals and 2 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 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.

Wait till lower band of parallel channel and then take longTurkey officially declare war against Syria….President of Turkey Erdugan said we would not get any dollar from IMF as it would violate our foreign independence….Erdugan could not rescue Turkey economy by doing this and corona virus could damage tourism earning so much so bye bye Lira!