(Last Updated May 4, 2021 2:16 GMT)
At the time of this writing, USDTRY’s rate is up 0.42 pips (0.05%) from the hour prior. This is the 3rd consecutive hour USDTRY has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 8.2461, down 276 pips (0.33%) from the day prior. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 35th in terms of percentage change since the day prior. Below is a price chart of USDTRY.
USDTRY Technical Analysis
Coming into today the current price of USDTRY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 570.4 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 9 out of the past 14 days.
The View From Around the Web
Not much commentary on USDTRY that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Timeframe on 4h:1.Stabilize Above supply and demand zone will be upward 2.Stabilize under supply and demand zone will be downward