(Last Updated April 6, 2021 2:16 GMT)
At the time of this writing, USDTRY’s rate is down -0.04 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDTRY. Given that we see downtrend 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 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)
The back and forth price flow continues for USDTRY, which started today off at 8.0981, down 878 pips 1.07% from yesterday. On a relative basis, USDTRY was the worst performer out of all 39 of the assets in the Forex asset class. Below is a price chart of USDTRY.
USDTRY Technical Analysis
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 2034.5 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 10 days.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDTRY; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Timeframe 4H:1-Under dotted line (7.7400) SELL to get target red line 2-Above dotted line (7.7500) BUY to get target blue line,The targets is 8.5000