USD/TRY Up 97 Pips On Hourly Chart, 4 Day Up Streak Broken; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated May 12, 2022 1:37 GMT)

At the time of this writing, USDTRY’s rate is up 0.97 pips (0.06%) 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 100 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)

After 4 up days, USDTRY snaps its streak, falling 393 pips (-0.26%) over the past day to close at an exchange rate of 15.2837. Compared to its peers in the Forex, USDTRY gave its buyers a return that ranked 21st in terms of percentage change since yesterday. Here is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days USDTRY’s price has gone up 6 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 3 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.33, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I have not updated much on the pair since it remained very quiet and was looking for higher levels as being a possibility. The long-term picture is still very much overbought, and yes, it can go higher a bit more. The strategy is therefore selling into the upmove slowly. Fopr now we sell @ 15.50-15.75 window and add 16.75-17.00 when seen. The over all objective still stands at 10.50-9.00.