USDTRY Down 6 Pips Over Past Hour, 2 Day Up Streak Snapped; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated September 8, 2021 0:15 GMT)

Currently, USDTRY’s rate is down -0.06 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 pin bar candlestick pattern on USDTRY. Given that we see an uptrend on the 20 and 10 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 back and forth price flow continues for USDTRY, which started today off at 8.2771, down 446 pips 0.54% from the day prior. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 37th in terms of percentage change since the day prior. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

Coming into today USDTRY is now close to its 20, 50 and 200 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 1098.4 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days USDTRY’s price has gone up 15 them.