USD/TRY Makes Big Move Relative to Two Week Trend, Down 641 Pips; in an Uptrend Over Past 30 Days

USD/TRY Price Recap

USD/TRY is down 641 pips (1.04%) since yesterday (with its current price near 6.10083), marking the 2nd day in a row a decline has happened. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 7.08% from the day prior, but up 14.24% from the same day the week before. Relative to other instruments in the Forex asset class, USD/TRY ranked 37th yesterday in terms of percentage price change. The price chart of USD/TRY below illustrates.

USD/TRY Technical Analysis

Coming into today USD/TRY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Something else of critical noteworthiness is that USD/TRY’s momentum/trend on a 14 day basis may be decelerating. 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 20 out of the past 30 days.

A final note on correlations: in the recent most week, USD/ZAR has been the pair most correlated with USD/TRY — a frequent scenario, considering USD finds itself in both pairs. Alternatively, regarding pairs with the lowest correlation to USD/TRY? Well, look no further than USD/CNH for that answer.