USD/TRY Price Recap
6.04395 (USD) was the opening price of the day for USD/TRY, resulting in yesterday being a day in which price moved down 94 pips 0.15% from the day prior. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 33.19% from the day before — and down 42.79% from the same day the week before. Relative to other instruments in the Forex asset class, USD/TRY ranked 31st yesterday in terms of percentage price change. The price chart of USD/TRY below illustrates.
USD/TRY Technical Analysis
The first thing we should note is that USD/TRY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Volatility for USD/TRY has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days USD/TRY’s price has gone up 6 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!
A final note on correlations: over the past 7 days, USD/TRY has been most correlated with USD/CHF — a frequent scenario, considering USD finds itself in both pairs. On the flip side, in terms of pairs with the least correlation to USD/TRY, AUD/CAD is the pair that holds that distinction for the past week, while EUR/USD does on a two week basis.