USDTRY Down 94 Pips Over Past Hour, 8 Day Up Streak Snapped; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated November 4, 2020 2:15 GMT)

At the time of this writing, USDTRY’s rate is down -0.94 pips (-0.11%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Of note is that the 20 hour changed directions on USDTRY; it is now pointing down. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDTRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 8 up days, USDTRY snaps its streak, falling 137 pips (-0.16%) over the past day to close at an exchange rate of 8.39106. Out of the 40 instruments in the Forex asset class, USDTRY ended up ranking 26th for the day in terms of price change. Below 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. Or to simplify this another way, note that out of the past 14 days USDTRY’s price has gone up 10 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.