USDTRY Down 8 Pips Over Past Hour, Fares the Worst Out of Forex; Came Into Today Down For the 2nd Day In A Row

Hourly Update

(Last Updated April 2, 2021 23:16 GMT)

At the moment, USDTRY’s rate is down -0.08 pips (-0.01%) from the hour prior. This is the 2nd consecutive hour USDTRY has seen its price head down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDTRY. Given that we see an uptrend on the 10 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 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 down 1403 pips (1.7%) since the previous day (opening today near 8.1036), marking the 2nd day in a row a decline has happened. It may be worth observing that USDTRY was the worst performer of the 39 members in the Forex asset class over the past day. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

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 3053.8 pips away. 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 7 out of the past 14 days.