USDTRY Down 2 Pips On Hourly Chart, Underperforms All Forex; 2 Day Up Streak Ended – CFD Trading

Hourly Update

(Last Updated April 14, 2021 3:16 GMT)

At the moment, USDTRY’s rate is down -0.45 pips (-0.05%) from the hour prior. USDTRY has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDTRY. Given that we see downtrend on the 20 and 10 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 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 down 275 pips (0.34%) since the previous day (opening today near 8.1146), marking the 2nd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, USDTRY ranked 36th the previous day in terms of percentage price change. Here is a price chart of USDTRY.

USDTRY

USDTRY Technical Analysis

Notably, 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. 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 20 day average, which is 77.1 pips away. 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 6 out of the past 10 days.

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