USDTRY Up 31 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated July 22, 2021 3:15 GMT)

At the time of this writing, USDTRY’s rate is up 0.31 pips (0.04%) 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. 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)

USDTRY is down 52 pips (0.06%) since the previous day (opening today near 8.5577), marking the 2nd straight day a decline has happened. Relative to other instruments in the Forex asset class, USDTRY ranked 24th the previous day in terms of percentage price change. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

The first thing we should note is that USDTRY is now close to its 20, 50 and 100 day averages, located at 8.6309, 8.6083 and 8.4228 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days USDTRY’s price has gone up 15 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

The View From Around the Web

Not much commentary on USDTRY that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The secondary downtrend has been broken and now it is ready to rise to the main trend