USDTRY Down 47 Pips On Hourly Chart, in a Downtrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 6, 2021 2:16 GMT)

At the moment, USDTRY’s rate is down -0.47 pips (-0.06%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDTRY has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Of note is that the 50 hour changed directions on USDTRY; it is now pointing down. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 85 pips (0.11%) since the previous day (opening today near 7.41736), marking the 2nd straight day an increase has occurred. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 12th in terms of percentage change since the previous day. The price chart of USDTRY below illustrates.

USDTRY

USDTRY Technical Analysis

The first thing we should note is that USDTRY is now close to its 200 day averages, located at 7.3018 respectively, and thus may be at a key juncture along those timeframes. 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 200 day average, which is 1155.1 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days USDTRY’s price has gone down 17 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.