USD/TRY Up 27 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated June 23, 2022 1:37 GMT)

Currently, USDTRY’s rate is up 0.27 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDTRY has now gone up 4 of the past 5 hours. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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 17.35056, down 10 pips 0.01% from the day prior. Relative to other instruments in the Forex asset class, USDTRY ranked 19th the day prior in terms of percentage price change. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

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 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 9 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.