USD/TRY Up 179 Pips Over Past Hour; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated August 5, 2022 1:38 GMT)

Currently, USDTRY’s rate is up 1.79 pips (0.1%) from the hour prior. The hourly chart shows that USDTRY has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDTRY. Given that we see downtrend on the 20 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 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 17.95097, up 125 pips (0.07%) since the previous day. Relative to other instruments in the Forex asset class, USDTRY ranked 19th the previous day 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 USDTRY is now close to its 20 day moving averages, which may act as price barrier for the asset. Volatility for USDTRY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days USDTRY’s price has gone up 21 them.

The View From Around the Web

Not much commentary on USDTRY that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDTRY tendency upwardEntry: above 17.790TP: 18.04 & 18.100 & 18.240sl.: 17.5900risk 2.0%