USD/TRY Price Recap
USD/TRY is up 1059 pips (1.71%) since yesterday (with its current price near 6.31502), marking the 4th day in a row an upward move has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 21.59% from the day prior, but down 18.54% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/TRY ended up ranking 9th for the day in terms of day-over-day price change. Let’s take a look at price chart of USD/TRY.
USD/TRY Technical Analysis
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. For additional context, note that price has gone up 21 out of the past 30 days.
A final note on correlations: over the past week, USD/TRY has been most correlated with USD/CNH — a common occurrence, given the presence of USD in both currency pairs. On the flip side, in terms of pairs with the least correlation to USD/TRY, look no further than EUR/USD if you’re focused on just this past week, or AUD/USD for a look at a broader, two week window.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 0 sell signals and 1 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Dolar kritik 6,2450 DİRENÇ seviyesine geldi. Buradan tepki vermesi gerekiyor. Aksi takdirde alış baskısı ARTACAKTIR.Bölgesel olarak korona virüsünün Türkiye’ye girişi şu an endekste alış baskısı yaratıyor. Kamu bankalarının müdahelelerine rağmen bakalım direnç seviyesini kırabilecek mi.