USDTRY Up 9 Pips Over Past Hour, Entered Today Up For the 8th Day In A Row; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 11, 2020 16:14 GMT)

Currently, USDTRY’s rate is up 0.09 pips (0.01%) from the hour prior. USDTRY has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. 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 is up 15 pips (0.02%) since the day prior (opening today near 7.48343), marking the 8th day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, USDTRY ended up ranking 21st for the day in terms of price change. Below is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

The first thing we should note is that USDTRY is now close to its 20 day moving averages, which may act as price barrier for the asset. Volatility for USDTRY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 11 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram