USD/TRY Up 61 Pips, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

USD/TRY Price Recap

The choppiness in the recent daily price action of USD/TRY continues; to start today, it comes in at a price of 6.01295 US dollars, up 61 pips (0.1%) since yesterday. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 7.87% from the day prior, but up 4.08% from the same day the week before. Relative to other instruments in the Forex asset class, USD/TRY ranked 14th yesterday in terms of percentage price change. Below is a price chart of USD/TRY.

USD/TRY Technical Analysis

Coming into today USD/TRY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 30 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. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 3 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Evidence of wick exhaustion. Watch for break of trendline as noted for possibly sell to zones as shown.