USD/TRY Up 300 Pips On Hourly Chart, Tops All Forex; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated December 29, 2021 1:41 GMT)

Currently, USDTRY’s rate is up 3 pips (0.25%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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)

USDTRY is up 2860 pips (2.47%) since the day prior (opening today near 11.88493), marking the 3rd straight day an upward move has occurred. USDTRY outperformed all 39 assets in the Forex asset class the day prior. Here is a price chart of USDTRY.


USDTRY Technical Analysis

Notably, USDTRY is now close to its 50 day averages, located at 12.0711 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days USDTRY’s price has gone up 5 them.