(Last Updated September 22, 2021 1:47 GMT)
Currently, USDTRY’s rate is up 0.08 pips (0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDTRY has now gone down 8 of the past 10 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDTRY. Given that we see downtrend on the 20 and 10 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)
A moment of silence, please, for the end of USDTRY’s 4 day up streak; price ended yesterday down 404 pips (-0.47%) to finish the day at a rate of 8.62. Out of the 39 instruments in the Forex asset class, USDTRY ended up ranking 33rd for the day in terms of price change. The price chart of USDTRY below illustrates.
USDTRY Technical Analysis
The first thing we should note is that the current price of USDTRY is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 816.7 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 10 days USDTRY’s price has gone up 7 them.