(Last Updated October 16, 2020 3:16 GMT)
Currently, USDTRY’s rate is down 0.03 pips (0%) 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. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDTRY. Given that we see an uptrend on the 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
USDTRY End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of USDTRY continues; to start today, it came in at a price of 7.9289, up 214 pips (0.27%) since the previous day. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 10th in terms of percentage change since the previous day. Below is a price chart of USDTRY.
USDTRY Technical Analysis
The first thing we should note is that USDTRY is now close to its 20 day moving averages, which may act as price barrier for the asset. 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. 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 24 out of the past 30 days.