USDTRY Up 30 Pips in Last Hour; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated June 7, 2021 17:16 GMT)

At the moment, USDTRY’s rate is up 0.3 pips (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar 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)

The back and forth price flow continues for USDTRY, which started today off at 8.67761, up 213 pips 0.25% from yesterday. Relative to other instruments in the Forex asset class, USDTRY ranked 8th yesterday in terms of percentage price change. Below is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

The first thing we should note is that USDTRY is now close to its 20 day averages, located at 8.4818 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 10 out of the past 14 days.