USDTRY Down 1 Pips On Hourly Chart, 2 Day Up Streak Broken; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated October 15, 2020 2:15 GMT)

Currently, USDTRY’s rate is down -0.01 pips (0%) from the hour prior. USDTRY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDTRY. Given that we see downtrend 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDTRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDTRY entered today at 7.9075, down 84 pips (0.11%) from the previous day. Out of the 40 instruments in the Forex asset class, USDTRY ended up ranking 27th for the day in terms of price change. Let’s take a look at 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.