(Last Updated December 30, 2021 1:40 GMT)
At the time of this writing, USDTRY’s rate is up 0.85 pips (0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar 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 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 7578 pips (6.38%) since the day prior (opening today near 12.64268), marking the 4th consecutive day it has gone up. Relative to other instruments in the Forex asset class, USDTRY ranked 2nd the day prior in terms of percentage price change. Let’s take a look at price chart of USDTRY.
USDTRY Technical Analysis
Notably, USDTRY crossed above its 50 day moving average yesterday. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 14 days USDTRY’s price has gone up 9 them.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 1 sell signals and 2 buy signals. This imputes a buy/sell ratio of 2, which is bullish. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.
Aggressive intervention efforts last week saw the Turkish Lira gain +50% in a matter of days.