(Last Updated September 8, 2021 12:15 GMT)
At the time of this writing, USDTRY’s rate is down -1.82 pips (-0.21%) 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)
The back and forth price flow continues for USDTRY, which started today off at 8.3447, up 676 pips 0.82% from yesterday. Relative to other instruments in the Forex asset class, USDTRY ranked 2nd yesterday in terms of percentage price change. Let’s take a look at price chart of USDTRY.
USDTRY Technical Analysis
Notably, USDTRY is now close to its 20, 50 and 100 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 337.3 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 down over that time. For additional context, note that price has gone down 8 out of the past 14 days.