USD/TRY Up 735 Pips On Hourly Chart, Outperforms All Forex; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 5, 2022 1:39 GMT)

At the moment, USDTRY’s rate is up 7.35 pips (0.55%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend 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)

USDTRY entered today at 13.43894, up 3706 pips (2.84%) from yesterday. USDTRY outperformed all 39 assets in the Forex asset class yesterday. Congrats to its holders! Here is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

First things first: USDTRY crossed above its 20 day moving average yesterday. 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. Or to simplify this another way, note that out of the past 30 days USDTRY’s price has gone up 19 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.