(Last Updated June 3, 2022 1:38 GMT)
Currently, USDTRY’s rate is down -0.85 pips (-0.05%) from the hour prior. USDTRY has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDTRY. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
USDTRY End of Day Recap
Updated 00:30 GMT (04:30 EST)
USDTRY is up 384 pips (0.23%) since yesterday (opening today near 16.46433), marking the 3rd day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, USDTRY ended up ranking 18th for the day in terms of price change. Let’s take a look at price chart of USDTRY.
USDTRY Technical Analysis
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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 11 out of the past 14 days.