USDTRY Down 8 Pips Over Past Hour, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 19, 2020 2:16 GMT)

Currently, USDTRY’s rate is down -0.08 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Of note is that the 20 hour changed directions on USDTRY; it is now pointing up. 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)

The choppiness in the recent daily price action of USDTRY continues; to start today, it came in at a price of 7.6921, up 77 pips (0.1%) since the previous day. Relative to other instruments in the Forex asset class, USDTRY ranked 11th the previous day in terms of percentage price change. Let’s take a look at price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

The first thing we should note is that USDTRY is now close to its 50 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Price action traders in particular will want to note that the 30 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 10 days USDTRY’s price has gone up 5 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.