USDTRY Down 161 Pips On Hourly Chart, Entered Today Up For the 8th Day In A Row; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated November 3, 2020 2:15 GMT)

Currently, USDTRY’s rate is down -1.61 pips (-0.19%) from the hour prior. USDTRY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 doji candlestick pattern on USDTRY. Given that we see an uptrend 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 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)

USDTRY is up 506 pips (0.61%) since the previous day (opening today near 8.4048), marking the 8th day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, USDTRY ranked 4th the previous day in terms of percentage price change. The price chart of USDTRY below illustrates.

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 up. For additional context, note that price has gone up 10 out of the past 14 days.