USDTRY Up 194 Pips On Hourly Chart, Crosses 20 and 50 Day Moving Averages; Bearish Engulfing Pattern Present

Hourly Update

(Last Updated November 12, 2020 22:16 GMT)

Currently, USDTRY’s rate is up 1.94 pips (0.25%) from the hour prior. The hourly chart shows that USDTRY has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDTRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDTRY entered today at 7.78322, down 3742 pips (4.59%) from yesterday. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 39th in terms of percentage change since yesterday. Below is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDTRY crossed below its 20 and 50 day moving averages yesterday. 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. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 11 out of the past 14 days. We’re also seeing a bearish engulfing pattern form over the past two candles, which suggests the uptrend on the 90 and 30 day