USD/TRY Up 31 Pips On 4 Hour Chart, in an Uptrend Over Past 14 Days; Doji Pattern Appearing on Chart

USD/TRY 4 Hour Price Update

Updated May 11, 2020 09:05 PM GMT (05:05 PM EST)

After 4 down four-hour candles, USD/TRY snaps its streak, rising 31 pips (0.04%) over the past four-hour candle to close at an exchange rate of 7.0771. Compared to its peers in the Forex, USD/TRY gave its buyers a return that ranked 17th in terms of percentage change since the last 4 hour candle.

USD/TRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USD/TRY, which started today off at 7.09375, up 118 pips 0.17% from the day prior. Out of the 40 instruments in the Forex asset class, USD/TRY ended up ranking 4th for the day in terms of price change. The price chart of USD/TRY below illustrates.

USD/TRY Technical Analysis

Notably, USD/TRY is now close to its 20 day averages, located at 7.0129 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. Or to simplify this another way, note that out of the past 30 days USD/TRY’s price has gone up 23 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDTRY, with 4 buy signals on our radar and 4 sell 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 divergence and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I am in short now for the long term ….Let see what we can get from itRSI divergence in a long time frame means more possibility to play out OR IN Oher words if it makes a fake break out and then comes back, it means you can short….That’s your long term short trade.