USD/TRY Up 81 Pips Over Past Hour, Entered Today Up For the 2nd Consecutive Day; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated June 8, 2022 1:38 GMT)

At the time of this writing, USDTRY’s rate is up 0.81 pips (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 is up 2260 pips (1.36%) since yesterday (opening today near 16.84287), 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 2nd in terms of percentage change since yesterday. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

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 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 22 out of the past 30 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 2 sell signals and 2 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

Surging food and energy prices are making an existing problem much worse for the Turkish Lira.