USD/TRY Up 358 Pips in Last 4 Hours, Moves Down For the 2nd Day In A Row; in an Uptrend Over Past 90 Days

USD/TRY 4 Hour Price Update

Updated May 19, 2020 05:13 PM GMT (01:13 PM EST)

USD/TRY, which opened the current 4 hour candle priced near 6.8117, is up 358 pips 0.53% since the last 4 hour candle, marking a reversal from the candle prior — and the end of a 4 four-hour candle negative run. For context, observe that the last 4 hour candle were noteworthy in the sense that USD/TRY bested all 37 of the assets in the Forex class.

USD/TRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/TRY is down 31 pips (0.05%) since yesterday (opening today near 6.87678), marking the 2nd day in a row a decrease has occurred. Compared to its peers in the Forex, USD/TRY gave its buyers a return that ranked 38th in terms of percentage change since yesterday. Here is a price chart of USD/TRY.

USD/TRY Technical Analysis

Coming into today USD/TRY is now close to its 20 and 50 day averages, located at 6.9992 and 6.838 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. For additional context, note that price has gone down 8 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Not trading advice in any way.Falling wedge, sellinc climax, big wick trying to form a hammer.Macro for USD is stronger compared to TRY.