USD/TRY Price Recap
USD/TRY is up 287 pips (0.48%) since yesterday (with its current price near 6.0417), marking the 2nd day in a row it has gone up. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 4.05% from the day prior, but up 1.21% from the same day the week before. Relative to other instruments in the Forex asset class, USD/TRY ranked 9th yesterday in terms of percentage price change. The price chart of USD/TRY below illustrates.
USD/TRY Technical Analysis
Notably, USD/TRY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days USD/TRY’s price has gone up 10 them.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 3 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Evidence of wick exhaustion. Watch for break of trendline as noted for possibly sell to zones as shown.