USD/TRY Up 116 Pips Over Past Hour, Outperforms All Forex; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated November 23, 2021 1:38 GMT)

At the time of this writing, USDTRY’s rate is up 1.16 pips (0.1%) from the hour prior. This is the 2nd hour in a row USDTRY has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDTRY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 11.379, up 2274 pips (2.04%) from the previous day. On a relative basis, the previous day was pretty good: USDTRY bested all 39 of the assets in the Forex class 🙂 Let’s take a look at price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days USDTRY’s price has gone up 12 them.