(Last Updated January 14, 2022 1:40 GMT)
Currently, USDTRY’s rate is up 1.09 pips (0.08%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
USDTRY End of Day Recap
Updated 00:30 GMT (04:30 EST)
USDTRY entered today at 13.58987, up 4402 pips (3.35%) from the previous day. Relative to other instruments in the Forex asset class, USDTRY ranked 2nd the previous day in terms of percentage price change. Here is a price chart of USDTRY.
USDTRY Technical Analysis
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 4918.2 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. Volatility for USDTRY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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 USDTRY’s price has gone up 10 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.