USDTRY Up 23 Pips Over Past Hour, 3 Day Down Streak Snapped; Nears 20 Day Moving Average

Hourly Update

(Last Updated April 30, 2021 4:16 GMT)

Currently, USDTRY’s rate is up 0.23 pips (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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)

After 3 down days, USDTRY snaps its streak, rising 160 pips (0.2%) over the past day to close at an exchange rate of 8.2105. Out of the 39 instruments in the Forex asset class, USDTRY ended up ranking 15th for the day in terms of price change. Below is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Coming into today USDTRY is now close to its 20 day moving averages, which may act as price barrier for the asset. 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 404.8 pips away. 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 30 days USDTRY’s price has gone up 18 them.

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