USDTRY Down 67 Pips On Hourly Chart, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 6, 2020 2:15 GMT)

At the moment, USDTRY’s rate is down -0.67 pips (-0.08%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists 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 92 pips (0.11%) since yesterday (opening today near 8.41235), marking the 2nd day in a row an increase has occurred. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 19th in terms of percentage change since yesterday. Here is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 10 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.