USD/TRY Down 32 Pips On 4 Hour Chart, Eyes 50 Day Average; Doji and Pin Bar Patterns Appearing on Chart

USD/TRY 4 Hour Price Update

Updated June 24, 2020 01:11 PM GMT (09:11 AM EST)

After 3 up four-hour candles, USD/TRY snaps its streak, falling 32 pips (-0.05%) over the past four-hour candle to close at an exchange rate of 6.8548. Compared to its peers in the Forex, USD/TRY gave its buyers a return that ranked 23rd in terms of percentage change since the last 4 hour candle.

USD/TRY End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/TRY is up 74 pips (0.11%) since the previous day (opening today near 6.8513), marking the 2nd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, USD/TRY ended up ranking 8th for the day in terms of price change. Let’s take a look at price chart of USD/TRY.

USD/TRY Technical Analysis

Coming into today USD/TRY is now close to its 20, 50 and 100 day averages, located at 6.8054, 6.8749 and 6.7193 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 50 day average, which is 236.3 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. For additional context, note that price has gone up 6 out of the past 10 days. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!

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 5 sell 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 channel, divergence and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDTRY is sitting around a strong supply zone in blue so we will be looking for objective sell setups….this one formed an objective channel in red and broke its lower red trendline downward, but we didn’t sell yet, as we are waiting for a momentum candle close below its last swing for more confirmation….we also have a regular bearish divergence adding more confluence to our sell setup.