USD/TRY Up 30 Pips in Last Hour, 11 Day Up Streak Snapped; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated April 29, 2022 1:40 GMT)

Currently, USDTRY’s rate is up 0.3 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 5 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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)

After 11 up days, USDTRY snaps its streak, falling 105 pips (-0.07%) over the past day to close at an exchange rate of 14.80621. Out of the 39 instruments in the Forex asset class, USDTRY ended up ranking 23rd for the day in terms of price change. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

The first thing we should note is that USDTRY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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 9 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Not much commentary on USDTRY that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDTRY- 28Apr2022On the H4, price once again bounced back strongly from the interim resistance-turned-support at 14.7500. If USD continues to strengthen, we could expect USDTRY to bounce higher to 1st Resistance at 14.8800.Disclaimer: This is for personal work record purposes only, not financial advise or solicitation of trade.