USD/TRY Up 38 Pips Over Past Hour, Moves Up For the 2nd Consecutive Day; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated December 28, 2021 1:40 GMT)

At the time of this writing, USDTRY’s rate is up 0.38 pips (0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDTRY has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 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 6710 pips (6.14%) since yesterday (opening today near 11.59898), marking the 2nd consecutive day an upward move has occurred. Out of the 39 instruments in the Forex asset class, USDTRY ended up ranking 2nd for the day in terms of price change. Below is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. 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. For additional context, note that price has gone up 5 out of the past 10 days. We’re also seeing a bullish engulfing pattern here, and given the downtrend on the 14 and 90 day