(Last Updated October 19, 2020 10:15 GMT)
Currently, USDTRY’s rate is up 0.2 pips (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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)
USDTRY is up 46 pips (0.06%) since yesterday (opening today near 7.93345), marking the 2nd straight day it has gone up. Relative to other instruments in the Forex asset class, USDTRY ranked 15th yesterday in terms of percentage price change. Let’s take a look at price chart of USDTRY.
USDTRY Technical Analysis
The first thing we should note is that USDTRY is now close to its 20 day averages, located at 7.7915 respectively, and thus may be at a key juncture along those timeframes. 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. Or to simplify this another way, note that out of the past 14 days USDTRY’s price has gone up 11 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.