USD/TRY Down 74 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 23, 2022 1:37 GMT)

At the time of this writing, USDTRY’s rate is down -0.74 pips (-0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

After 3 up days, USDTRY snaps its streak, falling 44 pips (-0.02%) over the past day to close at an exchange rate of 18.33616. Relative to other instruments in the Forex asset class, USDTRY ranked 24th yesterday in terms of percentage price change. Let’s take a look at price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Notably, the current price of USDTRY is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for USDTRY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. For additional context, note that price has gone up 5 out of the past 10 days.