USD/TRY Down 25 Pips On 4 Hour Chart, Price Base in Formation Over Past 30 Days; is Inching Close to 20, 50 and 100 Day Averages

USD/TRY 4 Hour Price Update

Updated July 24, 2020 09:10 PM GMT (05:10 PM EST)

The back and forth price flow continues for USD/TRY, which started the current 4 hour candle off at 6.8466, down 25 pips 0.04% from the previous 4 hours. Relative to other instruments in the Forex asset class, USD/TRY ranked 27th the previous 4 hours in terms of percentage price change.

USD/TRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USD/TRY, which started today off at 6.84272, up 33 pips 0.05% from the day prior. Out of the 40 instruments in the Forex asset class, USD/TRY ended up ranking 9th for the day in terms of price change. Let’s take a look at price chart of USD/TRY.


USD/TRY Technical Analysis

The first thing we should note is that USD/TRY is now close to its 20, 50 and 100 day averages, located at 6.8523, 6.8299 and 6.8556 respectively, and thus may be at a key juncture along those timeframes. 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 96.1 pips away. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days USD/TRY’s price has gone up 18 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

buy near channel bottom / potential sell near ascending channel top till price remain inside range. Follow us for more..