USDTRY Down 0 Pips in Last Hour, Came Into Today Up For the 3rd Straight Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated January 12, 2021 2:16 GMT)

Currently, USDTRY’s rate is down 0 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

USDTRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDTRY is up 1047 pips (1.42%) since the day prior (opening today near 7.46373), marking the 3rd straight day it has gone up. Relative to other instruments in the Forex asset class, USDTRY ranked 3rd the day prior in terms of percentage price change. Below is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Coming into today 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 829.4 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. Price action traders in particular will want to note that the 90 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 14 days USDTRY’s price has gone down 8 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 0 sell signals and 1 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Buy🔺 Disclaimer! The content of this analysis is subject to change at any time without notice.🔺 It is provided for the sole purpose of assisting traders to make independent investment decisions.🔺 You must do your own research to create your own trading plan for the market