USDTRY Up 5 Pips Over Past Hour, 2 Day Down Streak Ended; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated January 8, 2021 3:16 GMT)

At the moment, USDTRY’s rate is up 0.05 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDTRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDTRY entered today at 7.31685, up 192 pips (0.26%) from the previous day. Out of the 40 instruments in the Forex asset class, USDTRY ended up ranking 16th for the day in terms of price change. Let’s take a look at price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDTRY crossed above its 200 day moving average yesterday. 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 200 day average, which is 31.4 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 7 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar 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. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDTRY – It is extending losses of C wave by extending 3rd of C of Y wave down. Sell on bounce for one more low if the correction will be three wave sideways. Give thumbs up if you really like the trade idea.