(Last Updated November 7, 2022 1:36 GMT)
At the time of this writing, USDTRY’s rate is up 0.72 pips (0.04%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 choppiness in the recent daily price action of USDTRY continues; to start today, it came in at a price of 18.56513, down 732 pips (0.39%) since yesterday. Out of the 39 instruments in the Forex asset class, USDTRY ended up ranking 24th for the day in terms of price change. Here is a price chart of USDTRY.
USDTRY Technical Analysis
First things first: USDTRY crossed below its 20 day moving average yesterday. 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 5 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!