(Last Updated October 15, 2021 1:15 GMT)
At the moment, USDTRY’s rate is up 0.61 pips (0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 doji candlestick pattern on USDTRY. Given that we see an uptrend 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 choppiness in price, as the 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 466 pips (0.52%) since the day prior (opening today near 9.0806), marking the 5th straight day it has gone up. Out of the 39 instruments in the Forex asset class, USDTRY ended up ranking 6th for the day in terms of price change. Let’s take a look at price chart of USDTRY.
USDTRY Technical Analysis
The first thing we should note is that USDTRY is now close to its 20 day averages, located at 8.8725 respectively, and thus may be at a key juncture along those timeframes. 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 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days USDTRY’s price has gone up 8 them.