USDTRY Down 9 Pips Over Past Hour, Underperforms All Forex; Nears 20 Day Moving Average

Hourly Update

(Last Updated April 13, 2021 3:16 GMT)

At the moment, USDTRY’s rate is down -0.09 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDTRY has now gone down 4 of the past 5 hours. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 entered today at 8.1421, down 389 pips (0.48%) from the previous day. It may be worth observing that USDTRY was the worst performer of the 39 members in the Forex asset class over the past day. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

Notably, USDTRY is now close to its 20 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 354.6 pips away. Volatility for USDTRY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days USDTRY’s price has gone up 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.