USD/TRY Up 523 Pips On 4 Hour Chart, Makes Big Move Relative to Past Two Months; Moves Up For the 2nd Day In A Row

USD/TRY 4 Hour Price Update

Updated August 06, 2020 09:05 AM GMT (05:05 AM EST)

USD/TRY entered the current 4 hour candle at 7.1074, up 523 pips (0.74%) from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, USD/TRY ended up ranking 2nd for the four-hour candle in terms of price change.

USD/TRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/TRY is up 294 pips (0.42%) since the previous day (opening today near 7.06074), marking the 2nd day in a row it has gone up. Relative to other instruments in the Forex asset class, USD/TRY ranked 2nd the previous day in terms of percentage price change. Let’s take a look at price chart of USD/TRY.

USD/TRY

USD/TRY Technical Analysis

Coming into today USD/TRY is now close to its 20 day averages, located at 6.9024 respectively, and thus may be at a key juncture along those timeframes. 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 1583.6 pips away. 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 30 days USD/TRY’s price has gone up 19 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 0 sell signals and 1 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 As for the rationale, technical traders seem to be citing the appearance of a harmonic technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I am following this crab harmonic about 6-12 months. Doing so well till now …