USDTRY Down 33 Pips On Hourly Chart, Fares the Worst Out of Forex; But Still in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated June 1, 2021 2:16 GMT)

At the moment, USDTRY’s rate is down -0.33 pips (-0.04%) from the hour prior. This is the 2nd straight hour USDTRY has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDTRY. Given that we see downtrend on the 20 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 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)

After 3 up days, USDTRY snaps its streak, falling 823 pips (-0.96%) over the past day to close at an exchange rate of 8.4808. Those trading within the Forex asset class should know that USDTRY was the worst performer in the class. Let’s take a look at price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Coming into today USDTRY is now close to its 20 and 50 day averages, located at 8.4105 and 8.279 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 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 16 out of the past 30 days.

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 has a strong power to up, each time it tries to get the highest price so in the previous idea we said will get 8.580 then will be down now you can see we get it the same thing.above 8.4610 Will get 8.6100 and a Blue circle 🔵 under red Slope, the line will get 8.23 and red circle 🔴 ——–Tendency: Upward Entry: above 8.4610TP.: 8.6100 and 8.7600SL.: under 8.3600