USDTRY Up 5 Pips On Hourly Chart, Moves Up For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 6, 2021 23:14 GMT)

At the moment, USDTRY’s rate is up 0.05 pips (0.01%) from the hour prior. This is the 2nd straight hour USDTRY has seen its price head up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDTRY. Given that we see downtrend 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 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 is up 168 pips (0.2%) since the day prior (opening today near 8.32174), marking the 2nd consecutive day an upward move has occurred. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 12th in terms of percentage change since the day prior. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

Coming into today USDTRY is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 772 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days USDTRY’s price has gone up 15 them.

The View From Around the Web

Not much commentary on USDTRY that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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