USD/TRY Up 31 Pips Over Past Hour, Came Into Today Up For the 2nd Day In A Row; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated June 2, 2022 1:39 GMT)

At the time of this writing, USDTRY’s rate is up 0.31 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDTRY. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 422 pips (0.26%) since the previous day (opening today near 16.42589), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, USDTRY ranked 15th the previous day in terms of percentage price change. Let’s take a look at price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 11 out of the past 14 days.