USD/TRY Up 83 Pips in Last Hour; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated August 4, 2022 1:39 GMT)

At the time of this writing, USDTRY’s rate is up 0.83 pips (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend 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)

The choppiness in the recent daily price action of USDTRY continues; to start today, it came in at a price of 17.93849, down 67 pips (0.04%) since the previous day. Relative to other instruments in the Forex asset class, USDTRY ranked 24th the previous day in terms of percentage price change. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

Coming into today 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. Or to simplify this another way, note that out of the past 30 days USDTRY’s price has gone up 20 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 2 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Bearish AB=CD pattern is formed on currency pair USDTRY 4hr frame and now the trend will be reversed from D to bearish pattern .