USD/TRY Moves Up For the 2nd Day In A Row; in an Uptrend Over Past 90 Days

USD/TRY Price Recap

USD/TRY is up 170 pips (0.28%) since yesterday (with its current price near 6.15605), marking the 2nd day in a row an increase has occurred. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 51.9% from the day before — and down 41.58% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/TRY ended up ranking 17th for the day in terms of day-over-day price change. Below is a price chart of USD/TRY.

USD/TRY Technical Analysis

Notably, USD/TRY is now close to its 20 and 50 day averages, located at 6.1097 and 6.0078 respectively, and thus may be at a key juncture along those timeframes. 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. Or to simplify this another way, note that out of the past 30 days USD/TRY’s price has gone up 21 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 3 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of channel and flag technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Ascending Channel Pattern Forming Now making Bear Flag in H2 which is Bearish Trend Continuation Pattern.Let see How Market Moove.ThankYou