USD/TRY Price Recap
USD/TRY is down 276 pips (0.45%) since yesterday (with its current price near 6.07325), marking the 3rd day in a row a decline has happened. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 24.52% from the day before — and down 19.01% from the same day the week before. Relative to other instruments in the Forex asset class, USD/TRY ranked 35th yesterday in terms of percentage price change. Below is a price chart of USD/TRY.
USD/TRY Technical Analysis
Moving average crossovers are always interesting, so let’s start there: USD/TRY crossed below its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 20 out of the past 30 days.
The View From Around the Web
Not much commentary on USDTRY that we’re finding noteworthy here; guess people aren’t watching this one :). As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
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