USD/TRY Up 27 Pips Over Past Hour, Came Into Today Up For the 7th Day In A Row; Sentiment Strongly Favors Sellers

Hourly Update

(Last Updated April 22, 2022 1:41 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. Regarding the trend, note that the strongest trend exists on the 100 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 5 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)

USDTRY is up 369 pips (0.25%) since the previous day (opening today near 14.71034), marking the 7th day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, USDTRY ended up ranking 17th for the day in terms of price change. Let’s take a look at price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDTRY crossed above its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 10 days USDTRY’s price has gone up 7 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDTRY, with 0 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Someone had told me not to update this pair, as it was not useful :)Well, I love looking at charts and trying to dissect it and come to conclusions. Yes, it is a quiet pair, and for good reasons.Fundamentally we should move higher, but technically it points going towards 10.50-9.00 over time. I still am convinced to be short, and SELL in rallies that may happen. For now sell between 14.25 and 16.50 for medium-term objective as stated.