USD/TRY Up 17 Pips in Last Hour, in an Uptrend Over Past 90 Days; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated November 22, 2022 1:38 GMT)

Currently, USDTRY’s rate is up 0.17 pips (0.01%) 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 50 hour timeframe. 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)

The choppiness in the recent daily price action of USDTRY continues; to start today, it came in at a price of 18.60868, down 4 pips (0%) since yesterday. Relative to other instruments in the Forex asset class, USDTRY ranked 21st yesterday in terms of percentage price change. Below is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

The first thing we should note is that the current price of USDTRY is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. 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 USDTRY’s price has gone up 17 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!