USD/TRY Up 1059 Pips; in an Uptrend Over Past 90 Days

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 it has gone up. 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. Here is a price chart of USD/TRY.

USD/TRY Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days USD/TRY’s price has gone up 10 them.

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. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

It seems to a triangle breakout..from now up to 6 months, good luck.