USDTRY Down 75 Pips On Hourly Chart, in an Uptrend Over Past 14 Days; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated March 31, 2021 0:16 GMT)

At the moment, USDTRY’s rate is down -0.75 pips (-0.09%) from the hour prior. USDTRY has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning below it. 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)

The back and forth price flow continues for USDTRY, which started today off at 8.191, up 760 pips 0.94% from yesterday. Relative to other instruments in the Forex asset class, USDTRY ranked 2nd yesterday in terms of percentage price change. Here is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

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 4816.1 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 18 out of the past 30 days.