USD/TRY Up 274 Pips, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

USD/TRY Price Recap

USD/TRY enters today at 6.11625 in US dollars, up 274 pips (0.45%) from the day prior. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 6.48% from the day prior, but down 6.05% from the same day the week before. Relative to other instruments in the Forex asset class, USD/TRY ranked 7th yesterday in terms of percentage price change. Below is a price chart of USD/TRY.

USD/TRY Technical Analysis

Notably, the current price of USD/TRY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for USD/TRY has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. 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 10 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.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDTRY, with 5 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 2.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a stochastic technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

This chart alone shows how robustness the Dollar has been against the Turkish Lira since the pair’s listing in mid 2009….Taking a glance at the chart, S&P500 has grown 138.35%, the DJI30 on the other hand has grown 129.40% and as jaw-dropping as it is, the USDTRY pair has more than tripled the growth of the two indices, surging to 399.38% showing significant weakness of the Turkish currency….Focusing on the technical observations, I instantly notice the stochastic reaction to this pair, we had more than 5 the stoch reached the overbought level and only 3 times where it reached the oversold level over 8 Years ago, not forgetting the beautiful bullish trend.