USDTRY Up 22 Pips in Last Hour, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 22, 2020 0:14 GMT)

At the moment, USDTRY’s rate is up 0.22 pips (0.03%) 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. Price action traders may also wish to note that we see a doji candlestick pattern on USDTRY. Given that we see an uptrend 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 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)

USDTRY, which opened today priced near 7.54143, is down 10 pips 0.01% since the day prior, marking a reversal from the day prior — and the end of a 5 day positive run. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 18th in terms of percentage change since the day prior. Here is a price chart of USDTRY.


USDTRY Technical Analysis

Notably, the current price of USDTRY is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 0 sell signals and 1 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on; below is a short snippet from it to give you a taste.

Forex pairs have been off the radar for some time as most of the action has been in stocks.But here and there, certain forex pairs will pop up with opportunities and this is the reasonthat we never take our eye off the ball.You can clearly see from the chart that the US Dollar is gaining strength over the Turkish Liraand has consistently been on the rise for a number of years now.In 2018 alone, we saw a sudden surge in price with a rise of 89% in just 8 months of that year.Like with most big trends, price will take a break in the form of a pullback or period of consolidation.In this case we saw price consolidate for 2 years.With consolidation zones, we always want to patiently wait for breakouts because we can expectto see a strong move in the direction of the breakout.So far, this breakout has started to trend nicely to the upside with price already up 7.3%since breaking above resistance at 7.0831.With a trend currently in play, we have to look at the next area price may move to and wecan see that then 8.0000 round number is above and may act as resistance.We currently have a position in this pair and we will look to compound as long as pricecontinues to break previous levels of resistance.See below for more information on our trading techniques. As always, keep it simple, keep it Sublime.

Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram