USDTRY Down 9 Pips On Hourly Chart; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 14, 2020 23:14 GMT)

At the moment, USDTRY’s rate is down -0.09 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDTRY has now gone down 5 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDTRY. Given that we see downtrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 100 hour changed directions on USDTRY; it is now pointing down. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 7.46467, up 225 pips (0.3%) since the previous day. Out of the 40 instruments in the Forex asset class, USDTRY ended up ranking 6th for the day in terms of price change. Below is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Notably, USDTRY is now close to its 20 day averages, located at 7.3813 respectively, and thus may be at a key juncture along those timeframes. 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 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 9 out of the past 10 days.

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 that we thought you might enjoy.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram