(Last Updated October 15, 2021 23:14 GMT)
Currently, USDTRY’s rate is up 1.83 pips (0.2%) 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 100 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 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 944 pips (1.04%) since the previous day (opening today near 9.175), marking the 6th consecutive day it has gone up. Out of the 39 instruments in the Forex asset class, USDTRY ended up ranking 3rd for the day in terms of price change. Let’s take a look at price chart of 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 21 out of the past 30 days.